Harvey Weinstein's company files for bankruptcy after sexual misconduct scandal

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The statement also confirmed that The Weinstein Company Holdings LLC would be selling its assets to a Dallas-based equity firm, Lantern Capital Partners.

According to the New York Times report that first shed light on Weinstein's alleged abuses previous year, employees at the company were reportedly given contracts saying they could not "criticize it or its leaders in a way that could harm its "business reputation" or 'any employee's personal reputation'". The most recent one, which would have installed an nearly all-female board of directors, fell apart at the last minute. Finally, on Monday night, the Weinstein Company, the film studio that Weinstein cofounded with his brother Bob, who's also been accused of collusion and abuse, officially filed for bankruptcy. The company had been struggling after one of its co-founders, Harvey Weinstein, was sacked as chief executive in October after women publicly accused him of sexual misconduct stretching back decades.

In a statement, the company said: 'Under the agreement, Lantern will purchase substantially all of the assets of the Company, subject to certain conditions including approval of the Bankruptcy Court.

The bankruptcy filing shields Weinstein Co. from an array of lawsuits, including those filed by women who contend that the company facilitated its co-founder's misconduct by Mr. Weinstein. "No one should be afraid to speak out or coerced to stay quiet", it added.

After the non-disclosure agreements are repealed, many wonder if more of TWC's employees will come forward to join the 60-plus victims who have already spoken out against the disgraced movie mogul.

The allegations against Weinstein and various other powerful men across the country led to the emergence of the Me Too and Times Up movements, which advocated against sexual misconduct and gender inequality. Weinstein was sacked from the company, and has denied non-consensual sex.

The company is asking for up to $7.5 million during the bankruptcy proceeding, increasing to a maximum of $25 million upon completion of the proceeding.

The upshot is that women alleging abuse may now have a harder time recovering damages.

TWC meant to make a deal with one of its multiple interested investors, which included billionaire Ron Burkle and former administrator of the Small Business Administration, Maria Contreras-Sweet. Within days of the initial agreement, Contreras-Sweet pulled out the Weinstein deal after, according to Fortune, "an examination raised questions about the viability of the film and TV studio".

Time's Up called for the probe following a NY magazine exposé that accused Vance's office - which had close ties to Weinstein's legal team - of attempting to aggressively poke holes in Battilana's story before ultimately dropping the case, even though the NYPD had the pervy producer on tape openly admitting to the groping.

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