{"id":10057,"date":"2017-01-19T11:28:00","date_gmt":"2017-01-19T19:28:00","guid":{"rendered":"https:\/\/ftllp.net\/?p=10057"},"modified":"2024-11-03T12:05:26","modified_gmt":"2024-11-03T20:05:26","slug":"chris-columbus-1492-entertainment-sues-investors","status":"publish","type":"post","link":"https:\/\/dev.creativespikedigital.com\/lftc\/news\/entertainment\/tv_film\/chris-columbus-1492-entertainment-sues-investors\/","title":{"rendered":"Chris Columbus&#8217; 1492 Entertainment Sues Investors"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The production company is run by a trio of well-known filmmakers.<\/h2>\n\n\n\n<p>Investors in Christopher Columbus&#8217; 1492 Entertainment haven&#8217;t paid overhead costs for more than six months and are putting the company&#8217;s financial health at risk, according to a lawsuit filed Thursday in L.A. County.<\/p>\n\n\n\n<p>1492 is run by Columbus, Michael Barnathan and Mark Radcliffe \u2014 a trio of filmmakers behind family hits like&nbsp;<em>Harry Potter and the Sorcerer&#8217;s Stone<\/em>,&nbsp;<em>Home Alone&nbsp;<\/em>and&nbsp;<em>Night at the Museum.<\/em><\/p>\n\n\n\n<p>The company is suing Ocean Blue Entertainment, Rise Entertainment and two individuals for breach of contract and fraud, among other claims.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>[W]ithout warning Defendants ceased making required monthly overhead payments, which impacted 1492&#8217;s day-to-day operations and put its employees&#8217; health care and financial future in jeopardy. Simply put, such an egregious case of fraudulent business practices and breach of contract cannot go unpunished.<\/p><cite>writes <a href=\"https:\/\/dev.creativespikedigital.com\/lftc\/attorneys\/bryan-j-freedman\/\">attorney Bryan Freedman.<\/a><\/cite><\/blockquote>\n\n\n\n<p>According to the complaint, 1492 entered into&nbsp;<a href=\"https:\/\/www.hollywoodreporter.com\/news\/chris-columbus-1492-pictures-signs-394475\" target=\"_blank\" rel=\"noreferrer noopener\">a five-year agreement<\/a>&nbsp;with Rise Entertainment in 2012. Under the deal, Rise would fund 1492&#8217;s overhead, development and potentially TV and film production in exchange for a percentage of ownership and fees from each developed project. Specifically Rise would pay up to $1 million for project development and an additional $1 million to fund&nbsp;<em>House of Secrets<\/em>.<\/p>\n\n\n\n<p>In 2015, Ocean Blue, Rise&#8217;s successor in interest, amended the agreement. Under that deal, Ocean Blue would provide $800,000 a year for 1492&#8217;s overhead costs.<\/p>\n\n\n\n<p>The second deal was a result of fraud, 1492 claims. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>Had 1492 known that [Tracy] Price and [William] Andrew were intentionally misrepresenting the status of their access to investor capital as well as their intention to continue to fund 1492&#8217;s overhead for an additional five year period, 1492 would never have entered into the Amendment and would have never relieved the defendants of their original obligations.<\/p><cite>writes Freedman.<\/cite><\/blockquote>\n\n\n\n<p>Monthly payments of $67,000 stopped in August, according to the complaint, and 1492 terminated the agreement.<\/p>\n\n\n\n<p>1492 is seeking at least a million dollars in restitution and damages.<\/p>\n\n\n\n<p>Ocean Blue did not immediately respond to a request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The production company is run by a trio of well-known filmmakers. Investors in Christopher Columbus&#8217; 1492 Entertainment haven&#8217;t paid overhead costs for more than six months and are putting the company&#8217;s financial health at risk, according to a lawsuit filed Thursday in L.A. County. 1492 is run by Columbus, Michael Barnathan and Mark Radcliffe \u2014 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":41530,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[104,837,100,838,839,128,119],"tags":[840,843,846,842,841,845],"class_list":["post-10057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bryan-j-freedman","category-chris-columbus-1492-entertainment","category-entertainment","category-ocean-blue-entertainment","category-rise-entertainment","category-the-hollywood-reporter","category-tv_film","tag-chris-columbus","tag-harry-potter","tag-house-of-secrets","tag-mark-radcliffe","tag-michael-barnathan","tag-night-at-the-museum"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.7 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chris Columbus&#039; 1492 Entertainment Sues Investors - Liner Freedman Taitelman + Cooley LLP<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chris Columbus&#039; 1492 Entertainment Sues Investors\" \/>\n<meta property=\"og:description\" content=\"The production company is run by a trio of well-known filmmakers. Investors in Christopher Columbus&#8217; 1492 Entertainment haven&#8217;t paid overhead costs for more than six months and are putting the company&#8217;s financial health at risk, according to a lawsuit filed Thursday in L.A. County. 1492 is run by Columbus, Michael Barnathan and Mark Radcliffe \u2014 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.creativespikedigital.com\/lftc\/news\/entertainment\/tv_film\/chris-columbus-1492-entertainment-sues-investors\/\" \/>\n<meta property=\"og:site_name\" content=\"Liner Freedman Taitelman + Cooley LLP\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-19T19:28:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-03T20:05:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.creativespikedigital.com\/lftc\/wp-content\/uploads\/2024\/10\/THR-featured-image-soft_gray-fill-black-background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lftc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"lftc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/dev.creativespikedigital.com\/lftc\/news\/entertainment\/tv_film\/chris-columbus-1492-entertainment-sues-investors\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/dev.creativespikedigital.com\/lftc\/news\/entertainment\/tv_film\/chris-columbus-1492-entertainment-sues-investors\/\"},\"author\":{\"name\":\"lftc\",\"@id\":\"https:\/\/dev.creativespikedigital.com\/lftc\/#\/schema\/person\/12344f9fda75728f8a6a32e25118320a\"},\"headline\":\"Chris Columbus&#8217; 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