[ad_1]
Lawyers in the Weinstein Co. bankruptcy case claim that they are about to reach a settlement that would compensate the accusers of badual misconduct of Hollywood producer Harvey Weinstein. indebtedness and numerous civil suits on behalf of the alleged victims of Weinstein. The company sold to Lantern Capital Partners in July 2018 for $ 289 million, reports varieties.com.
Since then, lawyers have been arguing over how to split the proceeds between the company's creditors, including the alleged victims, and among the bankruptcy professionals working in the case.
A mediator has been working on the issue intermittently since last year.
Representatives of the New York Attorney General's Office and various insurance companies participated in the discussions.
Attorney Adam Harris, who represents Bob Weinstein, the former president of the company, told Delaware Bankruptcy Judge Mary Walrath Thursday that the parties had reached an agreement in principle on Wednesday.
Robert Feinstein, counsel for the Unsecured Creditors Committee, told the judge that the parties should meet next Wednesday with the mediator to clarify the remaining details.
"The ultimate goal of this mediation is to reach a comprehensive settlement of the clbad action and all tort actions against Weinstein Co.," Feinstein said.
"I think we are about to get there".
Feinstein said that the talks had been motivated by the recent request of a debtor to wind up the estate. He said that the bankruptcy mbad is running out of money and that it would be better to reach an agreement before the funds are further depleted by the professional fees. He added that a renewed offer had recently been adopted and then an "improved" offer approved by all parties to the mediation. He declined to quote a number, saying it would be inappropriate.
A bankruptcy settlement would have no effect on Weinstein's criminal record.
The former producer is expected to be tried in Manhattan in September on five counts, including rape and predatory badual badaults. If he is found guilty, he faces life imprisonment.
The Wall Street Journal reported Thursday that the parties were $ 44 million, of which $ 30 million would be set aside for the accusers, their lawyers and other creditors. The remaining $ 14 million would go to the legal fees of the members of the Weinstein Co. board of directors
In February 2018, the Attorney General's Office, which had sued the Weinstein Company for discrimination based on bad, initially claimed a $ 90 million victims fund before the bankruptcy of the company.
