SESSION I

FINANCIAL RISKS AND SOLUTIONS

2:15–2:20

INTRODUCTION OF THE SESSION

Gary O. Concoff, Co-chair

“Keep Your Sunny Side Up”

2:20–3:00

LOAN AND EQUITY FINANCE (BANK AND OTHER SOURCES)

Overview of the various loan finance forms – including:

·    “GAP” loan finance

·    Super GAP loan finance

·    Special collateral sources – such as insurance policies, film libraries

·    Guarantees

·    Slate financing, cross-collateralization

·    Risk sharing by advances, etc. and monitoring

·     

Sources of equity finance:

·    Hedge funds

·    Tax-driven devices

·    US, Europe, India, Germany, Italy, Canada, Russia, and China sources

Gary O. Concoff (Moderator), Member, TroyGould

Luigi Ferrara, Partner, Studio Legale Ferrara Santamaria, Italy

Leon Morgan, Head, Media Department, Davenport Lyons, London

Andreas Pense, Partner, Unverzagt von Have, Germany

Hal Sadoff, Head of International and Independent Film – ICM

Adrian Ward, SVP-Entertainment, Sports and Media, National Bank of California

3:00–3:20

U.S. STATE REBATES/CREDITS SUMMARY

·    Related interim loan finance

·    Use of U.S. State rebate/credit structures for European originated films

·    In-kind facility/service co-finance from European and other studios, post-production facilities, etc.

·    Territorial advances (minimum guarantees) – spreading of the risk (financial responsibility – methods of monitoring

·    “Runaway” production (?)

Anthony Gudas, Managing Member, Tax Credit Finance, LLC

SESSION II

DISTRIBUTION RISKS AND SOLUTIONS

3:20–3:25

INTRODUCTION OF SESSION

Ted Shapiro, Co-chair

Threat to Territorial Licensing in the European Union

3:25–3:45

MAJOR STUDIO DISTRIBUTION AND PRODUCTION

·    Self-finance, including “tentpole” forms

·    Pickups versus license deals (“rent-a-studio”)

·    Print and ad financing

·    Multi-picture deals

Steve Bersch, President, Sony Pictures Worldwide Acquisitions Group

Ted Shapiro, SVP, GC and Deputy Managing Director, EMEA, Motion Picture Association

3:45–4:05

DISTRIBUTION OF MODEST BUDGET PICTURES IN THE INDEPENDENT WORLD

·    U.S. theatre availability

·    “Roll-out” independent distribution

·    Sources and issues related to print and ad finance

·    Collection from exhibitors (adjustments, effective percentage of box office, etc.)

William G. Schopf, President, Music Box Films

Edward Arentz, Managing Director, Music Box Films

4:10–4:30

WORLDWIDE DISTRIBUTION OF U.S. FILMS

·    Potentials and overcoming difficulties in the worldwide distribution of European and other productions (in local language and/or English)

Pierre David, Chairman-CEO, Imagination Worldwide, LLC