×

Brad Pitt, Meryl Streep, Quentin Tarantino, Others Raise Objections to Weinstein Co. Sale Provisions

A slew of A-list stars are raising objections to the Weinstein Co. bankruptcy sale, out of fear that they will see only a tiny fraction of their backend profit payments from Weinstein films.

The company hopes to win court approval for the sale to Lantern Capital on Wednesday and close the deal on Friday, just two days before its bankruptcy financing expires. Quentin Tarantino, Brad Pitt, Meryl Streep, Julia Roberts, George Clooney, Leonardo DiCaprio, Rachel McAdams, Bill Murray, and many others filed objections to the sale on Monday.

Each claims that he or she is owed profit participation payments from various films. The stars’ attorneys are raising concerns about a deal reached last Friday between the Weinstein Co., Lantern, and the committee of unsecured creditors. A provision of the agreement gives Lantern another four months after closing to determine which Weinstein Co. contracts to assume. The remaining contracts will be relegated to the Weinstein Co. estate and would be treated as unsecured liabilities. In that case, the stars would likely receive little if any money.

The company and Lantern Capital have been arguing for the last month over who is responsible for such payments, a conflict that nearly scuttled the sale. In the agreement, Lantern agreed to assume some — though not all — of the “cure” payments for contracts that remain to be settled. Lantern agreed to pay at least $8.75 million in cure payments, but has yet to determine which contracts it will take. In exchange, the Weinstein Co. cut the sale price from $310 million to $289 million.

That agreement has left those with unresolved contracts in limbo. In Tarantino’s case, the director claims he is owed $4.3 million in unpaid royalties and profit participations. His attorneys say they have been seeking a resolution with Lantern and the Weinstein Co. for the past two months, without success. The attorneys who represent Streep, Pitt, Clooney, Murray, McAdams, and others, argues that Lantern is likely to leave the Weinstein Co. holding the bag, diluting the payout to the company’s many other creditors.

“Lantern has not shown any willingness to pay, or even negotiate the claims of Counterparties, and instead appears to favor continuing litigation by the Debtors against the Counterparties at a substantial cost to the estates,” wrote attorneys Michael Gottfried and Roye Zur.

The attorneys contend that giving Lantern “carte blanche” in the matter violates bankruptcy law, and “could result in the imposition of millions of dollars in administrative and unsecured liabilities to the Debtors’ estates.”

Attorneys for the Weinstein Co. have said they have engaged in negotiations with about 100 contract counterparties over the last few weeks. Some of the disputes have been settled.

Popular on Variety

More Biz

  • Patrick Whitesell and Ari Emanuel WME

    Endeavor Targets Sept. 27 for Stock Debut, IPO Video Tells Company's Origin Story

    After years of preparation, Endeavor is set to make its formal Wall Street debut on Sept. 27, when its stock will begin trading on the New York Stock Exchange. Endeavor has targeted Sept. 26 for the final pricing of its shares. The stock will trade publicly the following day. Earlier this week, Endeavor said its [...]

  • Netflix - Apple TV

    Netflix Stock Drops After CEO Acknowledges 'Tough Competition' Coming From Disney, Apple

    Netflix shares fell as much as 7% Friday to a nine-month low, coming after CEO Reed Hastings commented that the November launches of Disney Plus and Apple TV Plus will introduce a “whole new world” of competition. Hastings, speaking at the Royal Television Society conference Friday in Cambridge, England, said, “While we’ve been competing with [...]

  • Charlie Rose Sexual Harassment

    Charlie Rose Sued for Sexual Harassment by Longtime Makeup Artist

    A makeup artist who worked for Charlie Rose for 22 years has filed a sexual harassment lawsuit, accusing the former CBS and PBS host of years of unlawful behavior toward female employees. Gina Riggi alleges that Rose was verbally abusive with her and would often make derogatory comments about her weight. She also alleges that [...]

  • Rob Stringer

    Sony Music Chief Rob Stringer on Sustaining Growth and Recovering From the 'Dark Times'

    The Goldman Sachs Communacopia conference, now in its 28th year, gives top executives at major companies the opportunity to make their case to investors — and the Goldman analysts the opportunity to keep things on the up and up. While the analysts don’t necessarily grill the executives, they don’t lob softball questions either. That was [...]

  • Frank Grillo'Avengers: Endgame' Film Premiere, Arrivals,

    Matt Phelps Tapped as President of Joe Carnahan, Frank Grillo's Warparty

    Frank Grillo and Joe Carnahan’s Warparty productikon banner has appointed Matt Phelps president of the company. Phelps will head the Los Angeles office and be responsible for overseeing all film and television projects. “We searched long and hard to find the right fit for Warparty and felt that Matt embodied everything that we were looking [...]

  • Jack Gilardi, Longtime ICM Partners Agent,

    Jack Gilardi, Longtime ICM Partners Agent, Dies at 88

    Jack Gilardi, a longtime ICM Partners agent who represented such stars as Burt Reynolds, Sylvester Stallone, Jerry Lewis, Charlton Heston and Shirley MacLaine, died Thursday at his home in Los Angeles. He was 88. Gilardi was known for his gentlemanly style, love of the Los Angeles Dodgers and his skill at representing top actors. He [...]

  • Nexstar Completes Tribune Acquisition, Sean Compton

    Nexstar Completes Tribune Acquisition, Sean Compton to Head Programming

    Nexstar Media Group has become the nation’s largest owner of TV stations after completing its $4.1 billion acquisition of Tribune Media. The deal creates a broadcasting colossus with more than 200 stations serving more than 100 markets, although a number of stations will be divested to keep Nexstar in compliance with FCC ownership limits. Nexstar, [...]

More From Our Brands

Access exclusive content