Hollywood and the film industry has waited with bated breath to see what will come of the bankruptcy proceedings of The Weinstein Company, once headed by disgraced movie mogul Harvey Weinstein.

The 405 reported on May 1 that TWC had finalized their bankruptcy sale to Lantern Capital.  This may have been pre-mature as Broadway producer Howard Kagan entered the fray with a high dark horse bid that was initially rejected by TWC for being incomplete – with TWC not allowing Kagan more time to get it in order.

Kagan’s offer, embedded below via Variety, now stands at $325 million, plus a $30 million victims fund and 5% equity in the new company to victims.

Inclusion Media Expression of Interest by gmaddaus on Scribd

It turns out this saga is not yet over as TWC must handle the objections of a committee of its unsecured creditors first – with two of its members claiming they were sexually harassed by Harvey Weinstein, and the entire committee worrying that Harvey's brother Bob Weinstein will have have a "continuing role" under the sale to Lantern Capital. TWC's attorneys have sought to depose a representative of the committee seeking communications with "alleged victims".

Meanwhile, an attorney for six victims who have filed a class action suit against Harvey Weinstein and TWC, calls this attempt to depose the committee representative, merely "one more attempt by The Weinstein Company to silence women."

An attorney for TWC says of Kagan's offer, the committee and the class action suit, "It appears to be a coordinated effort to sabotage the Court-approved process and the Debtors have every right to better understand if that is the case, and if so, why the Committee is subjecting the estate to the serious risks associated with losing the bird in the hand." 

All this adds up to both sides going to war at a Tuesday hearing in Delaware. Stay with The 405 for updates.