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Strategies & Market Trends : Value Investing

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To: men mailman who wrote (1647)	8/11/1997 7:54:00 AM
From: Jim Garrison	of 78923

Mem mailman: re NWS news corp: You might be interested in an article in Business Week 8/11/97 that i happened to see last night. The article is in the Entertainment section on Film Financing entitled "Movie Crazy on Wall Street - Investors are line up to pay first and get paid last." Long story short, somebody (i think citibank) has came up with idea that the studios sell their next three year production of movies to outside investors and banks. Then the studios get reimbursed for their (maybe somewhat creatively large) expenses and most of the profits, paying back the original financers after they have their cut. Their evaluation: 'a sweetheart deal' for the studios, particularly Fox with two megaflops in Volcano and Speed 2 and Titanic (budget $300M) being delayed until xmas. No sweat, it's not their money, and most important, off balance sheet - great use of OPM (other people's money) from the companies standpoint. Article mentions more than $2B as in billion has been done, so this isn't small. Checkout the article for details. Good Investing, jim garrison

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