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Putting together a film financing package can often be risky. Artisan Entertainment learned that after it thought it had entered into an essentially risk-free financing deal to produce eight films. But after its cash-flow insurer refused to accept some of the films, Artisan found itself on the losing end of a lawsuit that offers insights into just how complex and tricky film financing can be.
The financing deal began when film-industry player Peter Hoffman proposed that Artisan obtain short-term loans that Chase Manhattan Bank would “take out” (ie, provide permanent financing for) for a total of $163 million if each produced film met the definition of a “Qualifying Picture.” The take outs would be backed by cash-flow insurance from a third-party insurer for which Artisan would pay a premium of 10%-15% of the insured sum. The cash-flow insurer would then pay Chase for any film revenues shortfall.
“Qualifying Picture” was defined in the cash-flow insurance master policy issued by Royal & Sun Insurance Alliance as:
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