Artisan Sues Hoffman Over Scrapped IPO

Artisan Entertainment Inc., the movie company that released the “Blair Witch” films, has sued financier and producer Peter Hoffman for allegedly causing the company to scrap plans for a first-time stock sale.

Artisan claims that a film-financing project backed by insurance policies that Hoffman proposed fell apart, forcing the company to halt production on films and delay its initial public offering. Artisan’s complaint, filed Friday in Los Angeles Superior Court, also names British insurers Royal & Sun Alliance, Heath Insurance Broking Ltd., ICE Media Ltd. and producer Graham Bradstreet as defendants.

Artisan seeks $100 million in damages for alleged fraud and deceit in the eight-film production deal that fell apart.

Hoffman is chairman of Seven Arts Pictures. Calls to Seven Arts offices in Los Angeles went unanswered. Royal & Sun and Heath also could not be reached.