November 20th, 2003


Buy a piece of Ethan Hawke

[This is an example of how regulations hurt innovation, and harm consumers. The costs of an IPO are huge, due to the regulatory requirements. If there were no regulations, we would see a lot more innovative financing methods like this one.]

Buy a piece of Ethan Hawke
Producers of 'Billy Dead', new movie starring heartthrob Hawke, are selling shares to the public.
November 20, 2003: 8:15 AM EST
By Chris Isidore, CNN/Money Senior Writer

NEW YORK (CNN/Money) - Producers of the next Ethan Hawke movie have started selling shares in the film over the Internet, a method of financing believed to be the first public offering for a stake in an individual film.

Investors are being given a chance to buy shares in the film "Billy Dead" starring Ethan Hawke.

The shares are going for $8.75 each, with a minimum order of 100 shares for $875 available to investors. Civilian Capital, an affiliate of the film production company that is underwriting the offering, said it expects to sell 900,000 shares in the film, raising a relatively modest $7.2 million after deducting the costs of the offering.

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