2 outfits sue Cannon

Two financial companies have sued Cannon Pictures Inc. in U.S. District Court for more than $ 14 million related to an alleged breach of a film financing contract.

Among other claims, Peter V. Miller Corp. and Pictor Insurance Co. Ltd. say Cannon failed to remove liens held by Warner Bros. Home Video, Showtime and others on a group of films to be used for collateral for a $ 43 million loan.

It also is alleged that Cannon failed to divulge that it was seeking additional financing from other sources involving rights that should have been retained for the plaintiffs.

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