George Litto Pictures sues insurance giant AXA Re
Producer George Litto has initiated arbitration proceedings against French insurance AXA Re for revoking two insurance contracts to provide the funding for five films. According to Litto's complaint, George Litto Pictures (GLP) obtained two lines of credit from Chase Manhattan Bank worth more than $100m. The issuance of each loan was contingent on the existence of supporting insurance which AXA assumed to protect Chase in the event of any shortfall.When GLP sought the ...
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