Jack Nicholson sues producer Mark Canton to collect $1.2 million loan

By Matthew Belloni

Jack Nicholson has resorted to a civil lawsuit to collect $1.2 million from a loan he made to producer and former Columbia Pictures chief Mark Canton.

In a breach of contract complaint filed Friday in LA Superior Court (read the full complaint), the actor claims he purchased a loan as a favor to the former film exec and current independent producer, but Canton and his Canton Prods have failed to repay it on schedule. 

According to the complaint, in 2002, Canton took out a $1.5 million loan from City National Bank that Nicholson agreed to guarantee. In 2004, Nicholson also pledged certain collateral to ensure repayment. When the loan came due and Canton couldn't pay, Nicholson bought the outstanding $1.2 million obligation. Canton then allegedly entered into an ageement with Nicholson's trust that promised the money would be repaid by July 2008, plus 8% interest. 

That apparently hasn't happened.  From the complaint:   

"Canton has only paid $1,781.27 in principal and interest through September 2008. There remains due $1,200,000 in principal and $48,000 in interest. Canton has failed and continues to fail, to pay the amount due under the Reimbursement Agreement."

The deal also allegedly requires Canton (left) to give Nicholson 50% of any producing fees or profit participations he receives. Canton, who spent a long career at Warner Bros. before heading Columbia in the 90s, has had some successful films as a producer recently, including "300" in 2006 for Warners and "The Spiderwick Chronicles" in 2008 for Paramount.  

Nicholson is repped by Russ Frackman and Jill Rubin at LA's Mitchell Silberberg & Knupp.