After months of wrangling, infighting and uncertainty, a controversial $47-million settlement was reached between Harvey Weinstein, his former film studio’s board and several women who have accused the disgraced movie mogul of sexual misconduct, according to attorneys involved in the negotiations.
According to The L-A Times, a U.S. Bankruptcy Court judge in Delaware still must formally approve a deal that would bring an end to one chapter of the scandal that rocked the entertainment industry, decimated the Weinstein Co. and propelled #MeToo into a global movement.
 |
| Harvey Wesintein |
Under terms of the deal, about $25 million will be allocated to the accusers, another $7.3 million to unsecured creditors and former Weinstein Co. employees, and about $12.2 million will be earmarked to pay legal fees of the studio’s directors and officers, according to a copy of the settlement term sheet obtained by The Times.
Insurance companies, potentially including Chubb Ltd. and AIG, are expected to make the payment on behalf of Weinstein Co. The parties are likely to sign off on the settlement.
“While this settlement is flawed, we know it represents the hard work of several survivors of Harvey Weinstein,” Rebecca Goldman, chief operating officer of Time’s Up Foundation, said in a statement. “We hope it brings them, and perhaps others, some small measure of justice and relief that is long overdue.”
New York-based Weinstein Co. filed for bankruptcy in March 2018 and later sold off most of its assets to private equity firm Lantern Capital Partners for $289 million. (Under the proposed settlement, Weinstein’s brother Bob will pay the company’s debtors 20% of the net proceeds recovered from Lantern Entertainment).
No comments:
Post a Comment