Hawke's Civilian floats one-pic IPO for 'Billy'

Prospectus calls for sale of 900,000 shares at $8.75 apiece

By CARL DIORIO

A brokerage unit of Ethan Hawke's Civilian Pictures has begun accepting public coin from investors wishing to back his upcoming artpic "Billy Dead," though the shares won't begin trading until the initial public offering is fully subscribed.

Hawke and Civilian co-founder Keith Gordon held a conference call with journalists Wednesday to discuss the status of their unusual one-pic IPO.

"Basically people just don't want to make dramas," Hawke said. "But that's what most actors want to do. To think that we could start a trend in helping to make that happen is really exciting."

Ploy is reminiscent of 1980s-era limited partnerships that wooed mom-and-pop investors to back film portfolios of various studios. The Civilian IPO is notably different, however, as it involves just the single pic.

Murder, incest

"Billy" is a murder-mystery yarn touching on themes of violence and incest. Hawke, whose film performances include "Training Day," "Snow Falling on Cedars" and "Gattaca," is attached to star in "Billy," which Gordon is set to helm.

Gordon penned the "Billy" script, adapted from a novel of the same name. Hawke and Erwin Stoff, a producer on pics including "Biker Boyz" and "Sweet November," are set as exec producers.

Pic's expected to lense sometime next year. Distribution hasn't been secured.

IPO effective

Civilian principals said the Securities and Exchange Commission recently declared the "Bill" IPO effective, meaning investors could begin purchasing shares. A prospectus calls for the sale of 900,000 shares at $8.75 apiece to raise about $7.9 million.

There was no immediate indication when the offering might be fully subscribed, however. Over-the-counter trading is planned eventually.

Civilian Capital, the brokerage unit of Civilian Pictures, hopes to launch similar other IPOs to fund additional future films.