Weinstein Co announces Lantern Capital as highest bidder in bankruptcy sale amidst objections by Hollywood actors

Lantern Capital has been announced as the winning bidder in the bankruptcy sale of The Weinstein Co, founded and formerly headed by the disgraced Hollywood producer Harvey Weinstein, as reported by Variety.

The bankruptcy court-supervised sale will ultimately need to be confirmed by the bankruptcy court, and overcome any objections from New York Attorney General Eric Schneiderman, since he filed a civil rights suit against Weisntein Co for pervasive pattern of illegal activity in February, and has consistently demanded that any sale must adequately include compensation for the victims, as reported by Deadline.

Meanwhile, Weinstein Co has issued a statement announcing the sale to Lantern for $310 million, turning down a last moment $315 million bid by Broadway producer Howard Kagan citing lack of financial commitment and other qualifications. “Lantern’s bid clearly achieves the highest and best value for the estate and its creditors. We look forward to working with Lantern to close the transaction and consummate the going concern sale,” said Icona Smith, an independent board member of Weisntein Co, as reported by Indie Wire.

The co-founders of Lantern Andy Mitchell and Milos Brajovic also issued a statement, which said, “We are honoured by the board’s recognition and acceptance of Lantern’s planned acquisition. Lantern looks forward to continuing our work with the constituents involved in this court-supervised transaction. Furthermore, we appreciate the significant support from employees, business partners, creative talent and numerous industry leaders as we set out to launch this new company. Lantern Entertainment remains committed to providing premier content with a diverse workforce in a safe environment founded on a culture of respect and creativity,” as reported by Variety.

The five women who have filed a class-action law suit against Harvey Weinstein in federal district court have backed Howard Kagan’s bid and issued a strong statement against Lanter’s offer as it does not propose any compensation for the victims. “Lantern’s bid in no way addresses the victims of Harvey Weinstein’s sexual assault enterprise, which would sweep the 100 plus instances of sexual assault, rape and more under the rug,” said their attorney Elizabeth Fegan, as reported by Deadline.

(Also read: Brad Pitt, Jennifer Lawrence, Leo DiCaprio, Quentin Tarantino file objections over Weinstein Co bankruptcy sale)