Several A-listers filed objections on Monday to the bankruptcy sale of the Weinstein Co., on the day that bids are due in advance of Friday’s auction.
Jennifer Lawrence, Brad Pitt, Meryl Streep, George Clooney, Leonardo DiCaprio, Jake Gyllenhaal, Bill Murray, Julia Roberts, Rachel McAdams, and Stephen King were among those filing limited objections to the sale. Several alleged that they are owed profit participation on various projects, and objected to transferring the rights to those projects without first paying the default amounts. Many of the stars were represented by the same two law firms — Landau Gottfried & Berger in Los Angeles and Cross & Simon in Wilmington, Del.
Quentin Tarantino also filed an extensive objection, alleging he is owed more than $4.5 million from four film projects, and Creative Artists Agency alleged it is owed $300,000 in packaging fees on the TV series “Waco.”
Additionally, the committee of unsecured creditors — which represents alleged victims of Harvey Weinstein’s sexual misconduct — filed an objection to a sale to Lantern Capital, the stalking horse bidder. Lantern has offered $310 million in cash, plus the assumption of project-based liabilities, for the company.
But the committee — which also represents vendors, law firms, and studios — argued that Lantern’s bid was not properly allocated across various asset classes, and that the Weinstein Co. cannot be sure that it represents the best value for all stakeholders.
New York Attorney General Eric Schneiderman also issued an open letter on Monday calling on bidders to establish a separate fund to compensate Weinstein victims, and commit to implementing workplace reforms that would address harassment.
“Bidders should propose bid enhancements that set aside financial resources to compensate and provide support services for injured employees and industry talent, both of whom are essential to the company’s future success,” Schneiderman wrote. “Bid enhancements also should include nonmonetary terms that protect future employees and contractors and avoid rewarding wrongdoers.”
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