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Weinstein Company Holdings Objections Filed

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Multiple Parties (including Brad Pitt, Potter, Inc., George Clooney, Meryl Streep, Robert De Niro, Bill Murray, Jake Gyllenhaal and Julia Roberts) filed with the U.S. Bankruptcy Court separate objections to the Weinstein Company Holdings’ statement regarding contracts to be transferred pursuant to the asset purchase agreement with Lantern Entertainment.

Meryl Streep, in support of her objection asserts, “While the Debtors’ ‘Statement’ purports to ‘remove’ certain contracts from the Debtors’ list of executory contracts to be assumed and assigned to Lantern as part of the sale, the Sale Order does not permit the Debtors to do so….The Debtors cannot – a month after entry of the Sale Order – retroactively seek a determination (by filing a ‘Statement’) that is squarely at odds with the clear provisions of the Sale Order…. Because this dispute has arisen in the context of the Debtors’ Sale Motion, the Debtors have the burden of proving that the Streep Contract is not executory….In sum, contrary to the Debtors’ blanket and naked assertion, the Streep Contract is executory notwithstanding that the film August: Osage County already has been made. The parties to the Streep Contract not only bargained for the making of the film, but also for the distribution and exploitation of the film. The exploitation and distribution of the film require certain ongoing cooperation, indemnification, and approvals (not to be unreasonably withheld) by Ms. Streep. The provisions in the Streep Contract reflecting this bargain clearly are material and ongoing, or TWC would not have insisted that such provisions be included in the Streep Contract. Accordingly, the Streep Contract is executory….Regardless of whether or not the Streep Contract is executory, the Debtors cannot transfer any purported rights under that contract to Lantern – free and clear of Ms. Streep’s claims and interests – without first demonstrating that such rights are property of the estate.”

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