This is especially true given the fact that along with filing for bankruptcy, TWC also announced that it had canceled all its nondisclosure agreements the company's former head, Harvey Weinstein, initiated with women who had accused him of sexual misconduct.
The drama surrounding the fate of The Weinstein Company is finally over as the company has filed for voluntary bankruptcy and agreed to sell its assets to an equity firm.
The New York attorney-general, who is investigating wrongdoing at the Oscar-winning company, had pressed for the move. "Effective immediately, those "agreements" end", the company said in a statement, according to Reuters.
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.
He called the action a "watershed moment". Contreras-Sweet offered to pay off $225 million of Weinstein debt for most of the studio's assets.
"Project Runway" is one of the attractive titles in The Weinstein Company's library.
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Under bankruptcy protection, Weinstein's accusers will be prevented from filing any civil lawsuits against the company going forward.
The company said late Monday that it will release victims of, and witnesses to, Weinstein's alleged misconduct from any non-disclosure agreements.
"The company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximise the value of the company's assets for the benefit of its creditors and other stakeholders".
Weinstein has been accused of misconduct ranging from harassment to rape by around 80 women. But when the deal seemed like it had been finalized, the investor group suddenly pulled out after it "uncovered new information about previous undisclosed liabilities" with the Weinstein Company.
After dozens of women accused Weinstein of sexual misconduct previous year, the NYPD has repeatedly said that it has enough evidence to arrest the Hollywood bigwig but is waiting on Vance to obtain an arrest warrant so New York's Finest can haul him back from his hideout in Arizona. Lantern's portfolio is decidedly absent entertainment investments - it's biggest holdings are American Zinc Recycling, Roundtree Asset Management (a vehicle for rolling up underperforming auto dealerships across the country), bulk shipping platform Good Bulk and North Carolina luxury resort Bright's Creek.