Re:A Yale Graduate Leaves a Trail of Ventures and Debts
by anigbrowl on Friday April 17, 2015 @12:06AM
(#9392209)
The company, which Mr. Newman started a year after graduating from Yale, bet much of its success on “Keeper of the Pinstripes,” a low-budget baseball movie based on a novel about the Yankees. [...] It is not clear if Mr. Newman ever raised the $9 million that he had said would be needed to begin making the film.
Anyone who thinks $9m is 'low budget' is a sucker who didn't do their due diligence. Real film productions use an escrow account that releases when the film is fully funded or returns the investors' stake within a set period. Also raising $9m for a first film just smells to high heaven. 5% of that amount would be a lot of money for a first-time producer.
The guy must be a really smooth talker if the company still holds the rights for the original store. Usually options on literary properties run for only 3-5 years.
Anyone who thinks $9m is 'low budget' is a sucker who didn't do their due diligence. Real film productions use an escrow account that releases when the film is fully funded or returns the investors' stake within a set period. Also raising $9m for a first film just smells to high heaven. 5% of that amount would be a lot of money for a first-time producer.
The guy must be a really smooth talker if the company still holds the rights for the original store. Usually options on literary properties run for only 3-5 years.