Many Hollywood stars are losing millions of dollars

Many stars did not receive money after Harvey Weinstein's company went bankrupt, sold to Spyglass Media.

According to Hollywood Reporter, Spyglass Media continues to win the appeal court for royalties and franchises of movies featuring famous stars.

"Unfortunately for many stars, they don't have the opportunity to receive millions of dollars from the rights to hit movies," the Hollywood Reporter commented.

After Weinstein was accused of sexually assaulting female stars, his eponymous company filed for bankruptcy protection. In early 2019, Spyglass Media (then known as Lantern) reached an agreement to buy back most of Weinstein's assets for $289 million.

However, Spyglass Media did not settle the debt, the money for the movie franchises under Weinstein. Many stars such as Bradley Cooper, Jennifer Lawrence, Robert De Niro, Meryl Streep, Bill Murray and Julia Roberts have no chance of receiving money, up to millions of dollars.

Jennifer Lawrence and many stars did not receive money after Harvey Weinstein declared bankruptcy. Photo: The Weinstein Company.

After acquiring Weinstein's company, Spyglass said it had no obligation to settle what remained under the "Hollywood tycoon". Prior liabilities were not recorded in the trademark assignment agreement.

Previously, Spyglass won a lawsuit against producer Bruce Cohen. He received only 5% of the net profit of the popular movie.

After many appeals, Spyglass continuously won the case, despite the intervention of the Supreme Court. The Hollywood Reporter said this could be the final verdict.