New York Attorney General Eric Schneiderman released an open letter to the participants in The Weinstein Company bankruptcy proceeding, calling on everyone involved to use the sale process to protect survivors of past misconduct.
“Our requests of each of the stakeholders are straightforward,” Schneiderman wrote in the letter. “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.”
The bids should include terms to protect future employees and contractors, Schneiderman said. One possible bidder, based in New York, has already emerged.
In February, Schneiderman filed a civil rights lawsuit against The Weinstein Co., its disgraced co-founder Harvey Weinstein, and other senior executives, detailing a pattern of sexual misconduct.
Since filing suit, Schneiderman has sought to ensure that victims would be compensated, employees would be protected, and the perpetrators and enablers of the misconduct would not be rewarded.
The Attorney General received commitments from an investor group led by Maria Contreras-Sweet and Ron Burkle that these conditions would be met in their planned acquisition of TWC. That deal collapsed, but Scheiderman has continued to work to advance those interests since the bankruptcy filing – engaging in the process in order to advocate for victims, including through victim representation on the Unsecured Creditors’ Committee.
The Weinstein Co. agreed to release employees from non-disclosure agreements, a step the Attorney General’s office had long sought throughout his investigation and litigation.
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