While a major element of the Weinstein Co. bankruptcy proceeding — a petition to change it from Chapter 11 to Chapter 7 — was postponed again Monday, two major claims have been settled.…
. The production funding for the show’s third season, it said, had been advanced on an emergency basis. Shooting was planned as the Weinstein Co.’s business began to crumble in the fall of 2017 amid waves of sexual misconduct allegations against Harvey Weinstein.
Paul Heath, an attorney with Richards Layton & Finger who represents the debtors, told Walrath at the start of the hearing that progress in settlement talks warranted another delay in the central matter of converting the bankruptcy proceeding from Chapter 11 to Chapter 7. “It’s fair to say that the negotiations have been arm’s-length and difficult at times,” Heath said during the hearing, which was made available via teleconference.
The most recent global settlement offer, totaling a reported $44 million, became public in May and complicated the bankruptcy process. That proposed deal would have compensated the many accusers of Harvey Weinstein, but also board members and other equity holders to a degree some accusers felt was improper.
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