August 13, 2018 – Weinstein Company Holdings has requested Court approval of a compromise settlement reached with Lantern Entertainment in respect of the assumption and assignment of Speedee contracts [Docket No. 1352]. The motion explains, “Material terms of the Stipulation include: Speedee consents to the assumption by the Debtors and assignment to Lantern of (a) the Confidential Settlement Agreement and Mutual Release, made and entered into as of November 10, 2017, by and between Speedee and TWC (the ‘Settlement Agreement’), (b) that certain Distribution Agreement, dated as of November 10, 2017, made between Speedee and TWC (the ‘Distribution Agreement’) and (c) that certain Quitclaim Agreement, made and entered into as of November 10, 2017, by and between Speedee and TWC (the ‘Quitclaim Agreement’ and, together with the Settlement Agreement and the Distribution Agreement, collectively, the ‘Contracts’) regarding the Picture in connection with the Sale and subject in all respect to the terms and conditions set forth in the Contracts and the Stipulation, including such consent being subject to and conditioned upon Speedee receiving the payment set forth in Paragraph 4 of the Stipulation. Within ten (10) days after the Effective Date, Lantern shall pay to Speedee (i) the sum of $1,100,000 in immediately available funds by wire transfer in accordance with instructions provided by Speedee to Lantern, and (ii) subject to the receipt of an invoice evidencing such fees and expenses, an amount not to exceed $5,000 on account of legal fees and expenses incurred by Speedee in connection with the arbitration commenced by the Directors Guild of America, Inc. relating to residuals allegedly owed with respect to the Picture (DGA Case No. 10006441).” The Debtors also filed with the Court a motion to file under seal the above compromise stipulation [Docket No. 1353]. The seal motion explains, “The Debtors and Lantern believe that they will be materially harmed in their settlement negotiations with other parties who argue that they may be owed amounts relating to the Picture. Thus, the Debtors and Lantern seek to keep this Confidential Information under seal in order to prevent it from becoming publicly available to other parties who may potentially use the information to the detriment of Lantern, the Debtors and/or Speedee in other litigation or business negotiations.” The Court scheduled a September 5, 2018 hearing to consider both the motions with objections due by August 29, 2018.
Read more bankruptcy news.
The post Weinstein Company Holdings – Seeks Court Approval of Lantern Entertainment’s Assumption and Assignment of Speedee Contracts for $1.1 Million appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.