FRIENDS WITH BENEFITS an original screenplay by Gorman Bechard

What Were We Thinking Films, Inc.
and
FRIENDS WITH BENEFITS, Limited Partnership
Present
FRIENDS WITH BENEFITS
Limited Partnership Offer
The Contents of this informational packet
are confidential and are disclosed pursuant
to a confidential relationship and may not
be reproduced or otherwise used except
for the purpose intended herein.
Table of Contents
2. Confidential Statement
5. What Were We Thinking Films, Inc.
6. Director - Gorman Bechard
8. Producer - Frank Loftus
9. Director of Photography - Chris Squires
10. Film Synopsis
11. Film Budget
12. Film Overview and Markets
14. Time Table
16. The Fine Print
17. Investment Structure
17. Investment Returns-
And the list keeps growing...
(see www.YouAreAlone.com for more details)
Production Company: What Were We Thinking Films, Inc.
Formed in early 2004 by Gorman Bechard & Frank Loftus with the set goal of
completing its inaugural project by year’s end, What Were We Thinking Films,
Inc., burst out of the starting gate with YOU ARE ALONE, its first feature film.
A review in PLAY NEW HAVEN magazine had this to say: “...although YOU
ARE ALONE is intentionally dark, explicit, and candid, it’s also a film that’s
intelligent, nuanced, and reflective.” And on the performances of leads
Jessica Bohl and Richard Brundage: “The outward confidence and dominance
over the film frame that Bohl brings to Daphne serves as an ideal counterpoint
to Brundage’s wounded, soft-spoken Buddy, and both seem finely attuned to
the manner in which Bechard’s script has the two characters repeatedly open
and close themselves to each other emotionally.” NEW ENGLAND FILM
called it: “Last Tango in New Haven.” FILM THREAT gave it four stars!
Budgeted at $150,000 and filmed entirely in the greater New Haven, CT area,
the dark drama wrapped production in mid-October. Since it’s festival
premiere in June 2005, the film has played 15 major film festivals, winning
awards for Best Narrative Feature, Best of Fest, Best Actress Award (twice)
and Best Screenplay. Distribution deals are just being signed as of late
February.
The company is currently developing a reality series with MEG-TV called
DEEP, BLUE & SKERRY, which is based on the adventures of famed
underwater photographer Brian Skerry.
Also in development are two feature film projects: THE SECOND GREATEST
STORY EVER TOLD and FRIENDS WITH BENEFITS.
An adaptation of Bechard’s first novel, SECOND GREATEST is a comedy
about a Second Coming in which God sends his teenaged Daughter to save
the planet. This projects is in early stages of development, and currently
seeking star attachments for the supporting roles.
FRIENDS WITH BENEFITS, is a film based on an original screenplay by
Bechard about best friends Chloe and Owen who decide to have no-stringsattached sex. Complications arise. A lot of complications.
Scheduled to shoot on Digital Video in New Haven, FRIENDS WITH
BENEFITS is a tale of sexual identity and true love, a thinking person's
"American Pie," a romantic comedy with belly-laughs.
5
Writer & Director GORMAN BECHARD
After writing and directing the awardwinning and ground breaking short film, THE
PRETTY GIRL (2000), Bechard landed a gig in
Hollywood directing THE KISS, starring Eliza
Dushku, Terence Stamp, Billy Zane, and
Illeana Douglas. Based on an original script
he co-wrote with Stephen Manzi, the $3 million
feature went on to win a BEST ACTRESS
award for its then unknown star, Francoise
Surel, at the 2003 San Diego Film Festival and
have a long run on the SHOWTIME cable
network.
Next up: the 15 minute short, OBJECTS
IN THE MIRROR ARE FURTHER THAN THEY
APPEAR, which Bechard not only wrote and
directed, but produced, shot and edited as
well. Another film festival favorite and awardwinner like THE PRETTY GIRL, OBJECTS is
based on the prologue to Bechard's New
Haven-based mystery novel, NINTH SQUARE
(published by Forge/TOR, 2003).
Besides NINTH SQUARE, he has
penned GOOD NEIGHBORS (1998, Carroll &
Graf
Publishers),
BALLS
(1995,
Dutton/Penguin) and the cult favorite THE
SECOND GREATEST STORY EVER TOLD
(1991, Citadel Press).
In chosing his next project, his original
script, FRIENDS WITH BENEFITS, seemed
the logical choice: a romantic comedy with
just the right amount of sexual humor,
commercial yet controversial. And with more
than double the budget he was afforded on
YOU ARE ALONE, Bechard is confident he
will find the perfect cast to produce another
award winning, film festival favorite.
Gorman
Bechard's
YOU ARE ALONE, is
an
independently
financed feature which
had its World Premiere
at the BROOKLYN
INTERNATIONAL
FILM FESTIVAL in June 2005, where the film
won the BEST ACTRESS award for its star
Jessica Bohl.
The dark drama, which also stars
Richard Brundage, takes a look at how far its
characters will go to relieve loneliness, even if
only for an hour.
It was filmed during
September and October 2004, largely at the
historic Hotel Duncan in downtown New
Haven.
At this year's NORTHAMPTON
INDEPENDENT FILM FESTIVAL it won Best
Narrative Feature, while at INDIEFEST
CHICAGO, it won the VISION AWARD for Best
of Fest, BEST SCREENPLAY, and its second
BEST ACTRESS award. It has recently played
the following festivals: the SIDEWALK
MOVING PICTURE FESTIVAL, the 30th NEW
ENGLAND FILM & VIDEO FESTIVAL,
BROOKLYN DIGIFEST, the NOLITA FILM
FESTIVAL, and the New York version of the
AVIGNON FILM FESTIVAL, and has just been
invited to the NEW ORLEANS FILMS
FESTIVAL,, the OMAHA FILM FESTIVAL, the
LAKE
COUNTY
FILM
FESTIVAL,
the
BROOKLYN
INDEPENDENCE
CINEMA
SERIES
and
the
BUCHAREST
INTERNATIONAL FILM FESTIVAL in Romania.
6
7
Producer FRANK LOFTUS
While working on YOU ARE ALONE, Frank Loftus did
exactly what a great producer is supposed to do: he
allowed director Gorman Bechard the freedom to make
his vision of YOU ARE ALONE come to life. By expertly
controlling the behind-the-scene details so important to
any film production, offering up the most astute creative
suggestions, and, most importantly, finishing the project
on-budget and ahead of schedule, Loftus was the perfect
“ying” to Bechard’s “yang.”
Currectly Loftus is overseeing the development of the reality television
series DEEP BLUE & SKERRY with producers at MEG-TV, while assisting
Bechard in the pre-production and development of the feature films,
FRIENDS WITH BENEFITS and THE SECOND GREATEST STORY EVER
TOLD.
With two New England Emmy Awards under his belt for co-producing
the television specials HIP TO BE SAFE and CHOLESTEROL CHECK under
his belt, Loftus brings over twenty years of producing experience to FRIENDS
WITH BENEFITS.
Besides YOU ARE ALONE, his credits include producing, shooting,
and editing the ESPN2 series EXTREME MAGAZINE, the ESPN
documentary, FIELD OF DREAMS, the PBS documentary, THE ELEVENTH
HOUR, and the feature REMOTE AREA VETS for National Geographic
Television.
He recently shot a feature in Iceland on Keiko, the whale of FREE
WILLY fame, for the Humane Society of the United States (HSUS), the world's
largest animal protection organization. Loftus has traveled the globe covering
domestic animal and wildlife issues for HSUS, co-creating their streaming
video website, www.animalchannel.org, while working closely with Real
Networks, the leaders in streaming video technology, creating and testing new
concepts with them. Under his leadership, HSUS quickly became one of the
top Internet producers, streaming millions of video files every month.
Director of Photography CHRIS SQUIRES
Chris Squires was the Director of Photography on Gorman
Bechard’s THE KISS, shot in both Los Angeles and Paris, France.
Creating a powerful synergy with Bechard, Squires commerical
style is a perfect fit for the quirky, comical, and sexy feel of
FRIENDS WITH BENEFITS.
Most recently Squires has been working with InDigEnt Films in the Digital Video
format that will be used to film FRIENDS WITH BENEFITS.
With over 25 years of experience as a cinematographer, Squires has garnered
many awards and has a very impressive resume. He honed his skills working on crews
led by world-renowned cinematographers Haskell Wexler, Vilmos Zsigmond, and Caleb
Deschanel. He has worked as camera or Steadicam operator on such films as
FORREST GUMP, COPYCAT, DANGEROUS MINDS, THE GLASS HOUSE, THE 13TH
FLOOR, MY GIRL, BATMAN RETURNS, IF THESE WALLS COULD TALK 2, THE NET,
and THE USUAL SUSPECTS.
Squires has perfected his craft by working in every genre and medium, from bigbudget action movies to low budget films to commercials and music videos. Squires has
also written a feature script that he would one day love to direct. He is originally from
Honolulu, Hawaii. An interest in photography led him to cinematography which he chose
to study at Stanford University because of its strong film program.
Chris was named a finalist in the International Cinematographers Guild’s “Sixth
Annual Film Showcase Competition.”
SELECT FILM AND TELEVISION CREDITS:
2005
2004
2003
2001
2001
2000
2000
1999
1998
1997
1998
1996
1996
1994
1994
1992
State of the Union (steadicam operator)
Iron Jawed Angels (HBO) (steadicam operator)
The Kiss (director of photography)
The Glass House (camera operator, steadicam operator)
Life as a House (camera operator, steadicam operator)
The Breed (director of photography)
If These Walls Could Talk 2 (camera operator, steadicam operator)
Forces of Nature (steadicam operator)
Paulie (camera operator)
Lola and Billy the Kid (director of photography)
Mad City (camera operator, steadicam operator)
True Crime (director of photography)
Escape from L.A. (camera operator)
Forrest Gump (camera operator)
The Air Up There (camera operator, steadicam operator)
Batman Returns (camera operator)
9
FRIENDS WITH BENEFITS
an original screenplay by Gorman Bechard
LOGLINE:
Best friends Chloe and Owen decide to have no-strings-attached sex. Complications
arise...a lot of complications.
SYNOPSIS:
Best friends since childhood, Chloe and Owen are both now studying at Yale Medical
School. But between classes and work, neither has time for dating, or any interest in onenight-stands. So...they become friends with benefits...friends who have no-strings-attached
sex. It would work, in theory, if the two hadn't always been secretly in love with one another.
Their friends Alison, Shirley, Jeff and Brad are distressed when they discover what's going
on, claiming it's sure to ruin the friendship. But on a boring night, as the four lament their
own pathetic sex lives, they realize Chloe and Owen are doing exactly what they'd also like
to be doing at the moment. Brad hooks up with Shirley, Jeff with Alison. All hell breaks
loose...
But the complications have only begun. Chloe and Owen are each frightened to admit their
love, both thinking it could ruin everything they share. And as pursuing a medical degree
eats into every moment of their lives, a tension backrub between Shirley and Alison
becomes a whole lot more, with Brad and Jeff watching in shock. But instead of joining the
two girls, Brad and Jeff hook up in their own “special” way. And it's the girls' turn to watch
in stunned disbelief...but not for long.
So...now Chloe's not speaking to Owen, who can't believe Brad hooked up with Jeff, who
both may or may not be gay, while Shirley is angry with Alison for being a lot more
comfortable with what they did than she is, and with Brad for ever wasting her time to begin
with.
Then there's Owen's ex, Laetitia...
FRIENDS WITH BENEFITS is a tale of sexual identity and true love, a thinking person's
"American Pie," a controversial romantic comedy with belly-laughs.
wgae registered
10
Budget Top Sheet
The budget for FRIENDS WITH BENEFITS is summarizes the various categories of the
$360,000. This is a very realistic budget when Development, Pre-production, Production, and Postshooting on Digital Video.
production phases of the film. It will continue to
evolve and shift during production, but will always
What follows is the “Budget Top Sheet,” which stay under $360,000.
FRIENDS WITH BENEFITS budget
ABOVE THE LINE
Development
(legal, printing, press releases, script)
Producers Unit
(producers’ salaries)
Directors Unit
(director salary, director’s Assistant, storyboards)
Talent
(actor salaries, casting, rehearsals, animals)
A-T-L Travel/ Living
(travel and lodging for cast)
PRODUCTION
Production Staff
(first asst. director, script supervisor, and assistants)
Art Direction
(production designer)
Set Decoration
(set decorations/construction)
Property Dept.
(props)
Directors of Photography's Unit
(cinematographer, First Asst. Cameraman, B-cam operator,
rental of camera and accessories)
Electrical Unit
(best boy salary, asst. gaffer, rental of lights)
Grip Operation
(grip salary, rental of dolly and grip package)
Production Sound
(production mixer and boom operator salaries, recording gear)
Wardrobe Unit
(costume designer salary, costumes)
Make-up & Hair
(makeup artist salary, hair stylist salary, supplies)
Locations
(food for cast and crew, site rentals, transportation)
Studio Facilities
(rental of studio space)
POST PRODUCTION
Editing
(editor salaries, equipment, mixing)
Music
(score and songs rights)
OTHER
Insurance
(commercial package and other)
Legal & Accounting
(contracts and accounting)
Publicity
(submission to film festivals, web development, creating buzz)
Contingency
(overruns and additional miscellaneous charges)
TOTAL
$
40,500
41,300
8,400
25,500
18,600
39,500
8,600
10,000
5,100
20,100
6,500
8,500
5,700
5,700
7,000
22,000
12,000
20,000
10,000
6,000
4,000
2,500
32,500
$ 360,000
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Our goal is to produce FRIENDS WITH BENEFITS,
an independent (“indie”) feature film of the highest
quality that, because of the controversial nature of its
story, is destined to generate a curiosity-driven,
must-see “BUZZ”, which will surely excite and
intrigue general audiences, film festival coordinators,
distributors and investors alike.
financial success, as discussed below.
Cable Networks
We believe FRIENDS WITH BENEFITS is the type
of film that HBO, Showtime, Cinemax, and like
channels program regularly; plus there are additional
outlets for the film on independent film channels like
IFC and Sundance.
Once the film is complete, we will begin submitting
FRIENDS WITH BENEFITS to film festivals, such as
Cannes, Tribeca, LA/IFP, Toronto, Sundance, where
we will fervently promote it to secure its worldwide
distribution. Film festivals are the quintessential
market place for independent films.
Soundtrack Album
Acting as his own music supervisor, Bechard,
utilizing both his vast knowledge of rock history and
years worth of connections in the music industry, will
be putting together a collection of songs from many
well-known alternative and underground bands,
making for a very “cool” and appealing soundtrack
CD.
How will FRIENDS WITH BENEFITS recoup its
budget?
FRIENDS WITH BENEFITS has many markets from
which to potentially earn revenue. Any one of these
markets could recoup the entire investment,
considering our extremely low budget. But again,
bear in mind that this is a highly speculative venture
with no guarantee to recoup any of the initial
investment capital.
DVD
The largest and most profitable market for a film like
FRIENDS WITH BENEFITS is its American DVD
release. According to an article in a recent issue of
Daily Variety, DVD releases are “saving independent
film.”
The DVD release of FRIENDS WITH
BENEFITS can potentially sell hundreds of
thousands, if not millions, of copies. The same
article goes on to say: “The impact of DVD in the
specialty arena is massive, where edgy content, cult
material, or even documentaries make for a precise
fit with the format’s capacity to tap into an avid
collectors’ market.”
These markets include:
Domestic Theatrical
Because of it being shot on Digital Video, FRIENDS
WITH BENEFITS could easily follow in the footsteps
of many other “indie” digital features that have gone
before it by playing the art house circuit, especially
considering the certain controversy the film will
generate.
Most recently think: NAPOLEON DYNAMITE.
In a recent issue of New England Film, Harvey
Avidon of Boston Screen Partners was quoted as
saying, “a film financed by an independent producer
stands a real chance of making money.” Avidon
goes on to add that he started his company “to
convince investors that making profits in film is not
just a movie fantasy. Big firms salivate over IPOs. I
like to think of indie films as the IPO for smaller
investors."
Foreign Theatrical
Aside from being an “indie” film at heart, the story is
also global in scope with universally identifiable
themes; in addition, there is a huge art film market in
many countries, including France, England,
Germany, Spain, China, India, and Japan.
Domestic and Foreign Home Video (DVD, VHS)
The DVD market has “exploded” over the past few
years! because of this combined with the film’s selfperpetuating, controversial story line “buzz”, it is
anticipated that this is the market where
FRIENDS WITH BENEFITS will have the most
CONCLUSION: THERE IS MONEY TO
BE MADE ON INDEPENDENT FILMS!
12
guarantee that the film will sell at any of the film
festival markets. or that there will be an advance.
How does FRIENDS WITH BENEFITS get
released on DVD?
What happens if you miss the Tribeca deadline?
Film Festivals will play a key role in securing
distribution for FRIENDS WITH BENEFITS.
Bechard has had tremendous success in film
festivals around the world since late 2000 with the
release of his short film, THE PRETTY GIRL. His
short films have played in over 20 film festivals, while
YOU ARE ALONE has played 15, with the list still
growing.
Chronologically, we would move right on to the next
big film festival in line, Cannes. While not every film
festival is a buying mecca, there are a number of
prestigious festivals where deals are regularly made,
including: Cannes (May/deadline March); IFP/Los
Angeles
(June/deadline
March);
Telluride
(August/deadline July); Venice (September/deadline
July); Toronto (September/deadline in late May); and
Sundance (January/deadline in early October). YOU
ARE ALONE has made quite a splash by playing a
number of the mid-sized fests, such as Sidewalk,
Northampton, and Avignon/New York. Festivals get
your film noticed!
Our goal is to have FRIENDS WITH BENEFITS
completed in time for submission to the 2007 Tribeca
Film Festival. According to THE FILM FESVITAL
SURVIVAL GUIDE, Tribeca has grown into one of
the top ten film festivals in the world for independent
features. Last year is was a haven for acquisitions,
with an unprecedented number of deals being made
during the festival.
What are buyers looking for at these film
festivals?
At Tribeca, Cannes, Toronto, and other top film
festivals, buyers from around the globe acquire films
for release through their distribution companies. At
these festivals, FRIENDS WITH BENEFITS will
most likely be represented by a sales agent (such as
Washington Square Arts, which reps YOU ARE
ALONE) who will negotiate and close the best
possible purchase contract from world-wide
distributors. As an incentive, this agent will be paid
a commission on the purchase price, BUT only after
the sale is completed. At home, we will screen the
film for every possible United States distributor, with
our U.S. agent (who is also working on commission)
acting as our representative to again negotiate and
close the best possible purchase contract.
In a nutshell: quality, particularly of content. A film
with a storyline that can create a certain “buzz” for
itself, in essence becoming its own promoter, is the
ideal product. Because of the nature of its story, and
the reputation of its director, FRIENDS WITH
BENEFITS has that built-in “buzz” element.
Bob Berney of Newmarket Films (which released the
“indie” hits MONSTER, THE PASSION OF THE
CHRIST, MEMENTO, THE WOODSMAN, and
WHALE RIDER) said, “Usually we’re looking for
something under the radar.” According to author
David Geffner: “Art films look, smell and feel different
from their antecedents because that's the best way
they'll sell.” People who go to art houses are looking
for something more than explosions and special
effects. They don’t want the next Julia Roberts film,
they want the next great unknown: a film with
enough head-turning originality and “buzz” to get
noticed.
We know there’s no guarantee, but out of
curiosity, what do films sell for at one of these
festivals?
You honestly can never tell . . . but historically films
have sold for as high as ten million dollars, which of
course is the very rare exception. On average, a
good purchase price for worldwide distribution rights
is in the one to two million dollar range. A low
purchase price would be an advance of a few
hundred thousand dollars for North American
distribution rights.
And of course, there is no
FRIENDS WITH BENEFITS IS THAT FILM! It deals
with a questionably taboo subject...and a little
controversy never hurt film sales. Its solid script,
backed by beautiful cinematography, nuanced
performances, and a haunting soundtrack, will be
everything the art film buyer is looking for in a feature
film.
13
Time Table:
The script to FRIENDS WITH BENEFITS was
originally written in 1999.
To help in both creating “buzz” and selling the film, a
good trailer (film preview) is very important.
Because of our connections to ifilm.com (see below),
we’ll be able to get the trailer to FRIENDS WITH
BENEFITS online and available for anyone to see,
free of charge...as we did with the trailers and music
video for YOU ARE ALONE.
What We Were Thinking Films, Inc. was created in
early 2004.
Casting for FRIENDS WITH BENEFITS will begin in
late Spring 2006, in New York City.
We will also develop a MySpace page for the film,
creating interest in the world biggest playground of
young adults. (YOU ARE ALONE has two myspace
pages, one for the film, one for the soundtrack.)
Script rewrites, along with rehearsals and readings,
will continue through late summer 2006.
Production is expected to begin in FALL 2006, for
six weeks, working five days per week.
According to the book “Shoot Me,” filmmaker Ted
Bonnitt, in discussing how he marketed his first film
said: “we have had nearly a half-million people watch
our trailer on ifilm. That’s huge.” He also adds: “you
can market your movie globally on the internet for no
money whatsoever.”
Then, the meticulous Post-Production process
continues until the middle of December 2006. By the
second week of December 2006, we will have a finecut version of the film, ready in time for the Tribeca
deadline.
Bechard’s dramatic short, THE PRETTY GIRL, and
his music video for the Trollops’ “Down On Me,” have
surpassed the 640,000 view mark and the 1,320,000
view mark respectively, landing both of these works
into ifilm’s all-time top 10 list. The trailer for YOU
ARE ALONE was viewed by over 25,000 people in
its first week online.
Again, if we should miss the Tribeca deadline, we
aim next for Cannes, Los Angeles/IFP, or the
American Film Market. Any of these film festivals will
offer us ample opportunities to screen FRIENDS
WITH BENEFITS for film buyers.
What if you don’t get accepted into one of the
film festivals?
Bonnitt goes on to say: “Packaging is all-important. I
had everything packaged. I had a soundtrack album.
I had the poster.”
Most of the larger film festivals offer screening rooms
from which you can meet with buyers to screen your
film. We can also bypass the film festival circuit
altogether and go directly to the various U.S.
distributors for North American distribution, or seek
worldwide distribution through an international sales
agent.
As you can see from the cover of this prospectus, we
already have a very impressive and eye-catching
poster design.
And with Bechard’s musical
connections, a deal for the release of a soundtrack
CD is a virtual certainty.
How do you get people to hear about FRIENDS
WITH BENEFITS?
Next, we aim for reviews. According to Bonnitt: “A
good New York Times review books you all over the
country.” Also, the premiere film and TV industry
publications, Variety and the Hollywood Reporter,
always review films from the major festivals. These
will help in not only creating a large audience “buzz,”
but also in attracting the attention of prospective
buyers.
In a word: “BUZZ!”
The story itself is daring and humorous. It takes our
sexuality for a comedic ride, examining what’s really
going on in the bedrooms of this nation’s twentysomethings.
14
LATER and OPEN WATER, and the film festival
favorites, PERSONAL VELOCITY, TADPOLE, THE
ANNIVERSARY PARTY, DOGVILLE (with Nicole
Kidman), DANCER IN THE DARK, and THE
CELEBRATION. Currently, it is the format of choice
for independent filmmakers around the world.
Who will star in the film?
We will attempt to populate the film with brilliant new
stars. (Such as Jessica Bohl, who radiated in YOU
ARE ALONE, winning two best actress awards in her
FIRST film role.) We will also look for recognizable
names for a few of the smaller roles. But instead of
dropping names now, we will announce them in a
timely fashion through our investor email newsletters
when acting contracts are finalized for each of the
pertinent roles.
Even mainstream Hollywood studios, which, in the
past, have relied so heavily and almost exclusively
on celluloid media, are attempting to make the switch
to Digital Video. Consider that almost all of the
Hollywood “blockbuster” COLLATERAL (with Tom
Cruise) was shot in Digital Video.
Why Digital Video?
Digital Video is most assuredly less expensive than
traditional celluloid film media. Most incredibly,
however, this format does not in any way diminish
the typical high-end visual quality which is expected
of films made in this day and age.
CONCLUSION: DIGITAL VIDEO
IS HERE TO STAY!
FRIENDS WITH BENEFITS is positioned to take
advantage of Digital Video’s rise in the filmmaking
world.
But there’s more to it...so much more, as history will
attest! Consider the following:
The field of feature films shot on video format
exploded in 1999 with THE BLAIR WITCH
PROJECT. It was the first feature film of its kind shot
entirely on video that earned as much money at the
box office as most of the major Hollywood releases
shot using typical celluloid film.
Where is FRIENDS WITH BENEFITS being
filmed?
A large portion of FRIENDS WITH BENEFITS will be
shot locally at the spacious and appropriately wellequipped TriPeg studios in Hamden, Connecticut.
This will allow us greater control of the production
quality especially with regards to the look and sound
of the film.
Following the video evolutionary process, Digital
Video technology has significantly improved the
visual quality of this format. In recent years, there
has been a dramatic increase in the number of films
having originated on the Digital Video format. Today,
at any given film festival, more than half the films
were shot on Digital Video.
Exterior locations will be shot in and around New
Haven.
Many of today’s major filmmakers and
cinematographers (including Spike Lee, Lars Van
Trier, and Barbet Schroeder) have since worked in
this exciting new medium.
In fact, following this trend, most critically acclaimed
“indie” hits today were shot on Digital Video. These
include the Academy Award® nominated film,
PIECES OF APRIL, the smash horror hits, 28 DAYS
15
The Fine Print
An investment in any film involves a high degree of
risk and is suitable only for investors who can afford
to bear those risks and have no need for immediate
or even short-term liquidity from such investment.
Partners will be able to enter into any distribution,
license, or sale agreements or that the proceeds from
these agreements, if any, will be sufficient to recoup
any or all investment capital or to provide any return
on investment.
Each prospective investor should consider carefully
the risk factors attendant upon such an investment, Domestic Theatrical Agreement:
and should consult their own legal, tax, and financial
advisors with respect thereto.
In certain DOMESTIC THEATRICAL Sale or
Distribution agreements, the portion of the cash flow
An investment in any film is highly speculative. received by the General Partners and the Limited
There’s no guarantee for recoupment of any Partners is based upon a percentage of the box office
capital used for this investment.
receipts. Under these arrangements, the Distributor
incurs all marketing and advertising costs associated
To provide a return to the Limited Partners in this with distributing the film. Such agreements generally
offering, the General Partners (What Were We require the recouping of all marketing expenses
Thinking Films, Inc., Gorman Bechard and Frank before cash distribution to the General Partners and
Loftus) must either: a) sell the Film outright; b) Limited Partners can be made.
Under such
License the distribution rights to a major or minor agreements, the General Partners will have either
studio or distribution company; or c) consider self- limited or no control over additional expenses that
distribution.
need to be recouped by the Distributor before the
Limited Partners receive any cash distributions.
To reach this stage, the General Partners must
complete the pre-production, principal photography, If this situation were to present itself - if this sort of
postproduction, and marketing process. Yet, there is distribution deal were entered into - then the General
no guarantee that upon completion of the above the Partners may endeavor to hold out certain territories
film will sell, and that any part of the investment will as insurance against just such a contingency.
be recouped.
Likewise, this does not necessarily limit or prevent
sales in other markets.
The General Partners will take all reasonable steps to
ensure no overrun of the budget. The General Screen Actor’s Guild Agreement:
Partners agree to cover any overrun out of pocket, to
ensure the completion of the film.
In order to obtain the best cast available for
FRIENDS WITH BENEFITS, the General Partners
External Agreements:
may enter into a signatory agreement with the Screen
Actor’s Guild (SAG), which will allow for union actors
Because the best chances for selling FRIENDS to appear in the film at a lower than normal up-front
WITH BENEFITS begin at the film festival markets salary. When the film is purchased for distribution,
after the film has been completed, there are no the balance (the difference between the low budget
currently existing sales or distribution arrangements salary rate and the normal SAG day-rate) will be due
and the General Partners do not anticipate entering to SAG. Based on our careful projections, we
into any such agreements prior to completing the film. anticipate this amount to be approximately $50,000.
The General Partners have made no arrangements According to the anticipated SAG Agreement, this
for the sale or distribution of the film and do not amount must be paid prior to any investor
expect to do so until after completing production.
reimbursement.
On completion of the film and despite best efforts, NOTE: The offer contained in this prospectus is VOID
there can be no assurances that the General in the state of Pennsylvania, and this investment
opportunity is not available to its residents.
16
Limited Partners Shares:
The Limited Partner shares do not possess voting
rights. Consequently, the Limited Partners must rely
on the General Partners for the management and
day-to-day operations of the Company. Limited
Partners must also rely on the General Partners for
the management of all artistic matters and decisions
regarding the film FRIENDS WITH BENEFITS.
General Partners, jointly or individually, may be
involved with other business ventures that may
compete with the business of the Company, but at no
time will they ignore or postpone responsibilities
directly related to the completion and distribution of
the film.
The Limited Partners will not have a right to
participate in the management of the business of the
Company, of the film, or in the decisions of the
General Partners. Accordingly, no prospective
Limited Partner should purchase shares unless he or
she is willing to entrust all aspects of management of
the film and its completion to the General Partners.
When Do Limited Partners receive money?
Each unit is valued at Nine Thousand Dollars
($9,000.00), representing a one and a quarter
percent (1.25%) Share of the Film’s Profits after
investor payback. (Half-units and quarter units can
also be sold at a prorated cost.)
Until recoupment of the initial $360,000 budget is
reached, and after all monies due to the Screen
Actor’s Guild are paid in full, all monies received by
FRIENDS WITH BENEFITS (after all monies due to
the Screen Actor’s Guild are paid in full) will be paid
to the Limited Partners (the investors). After this
breakeven point is reached, profits will be divided
equally, a 50/50 split, between Limited Partners and
General Partners.
FOR ILLUSTRATION PURPOSES ONLY, we provide the
following three examples of what an investor might expect as
monetary return if the film should be purchased under a variety
of contractual arrangements:
If the film were to sell for $200,000 up front. The U.S. agent
handling the sale would receive a fee of no more that 20%,
leaving $160,000. Approximately $50,000 would be due to the
Screen Actor’s Guild, leaving a balance of $110,000. That
amount would then be disbursed pro rata to the investors. Thus
on an investment of $9,000 (one unit), the investor would be
paid back $2,750 toward your original investment. (Note: there
could still be other markets and areas where the film might be
sold.)
Any cash distributed to the Limited Partners will be
derived from the sale or licensing of the distribution
rights to, or from, the film. As previously stated,
investing in film involves a high speculative risk and If the film were to sell for $1,000,000 up front. The agent
there’s no guarantee of any return on or handling the sale would receive a fee of no more that 20%,
reimbursement of investment.
leaving $800,000. Approximately $50,000 would be due to the
The General Partners expect it will be a minimum of
one year from the start of production before any
revenue from the sales of FRIENDS WITH
BENEFITS can be expected.
Screen Actor’s Guild, leaving a balance of $750,000. Of that
amount, $360,000 would then be disbursed to the investors.
Thus on an investment of $9,000 (one unit), the investor would
be paid back the entire $9,000. The remaining $390,000 would
then be split evenly between the General Partners and the
Limited Partners. A $9,000 investment would net one and a
quarter percent of that amount, thus a $4,875 profit on your
investment, after payback.
The second year could see the largest share of
revenue, with sales continuing throughout the life of If the film were to sell for $2,000,000 up front. The agent
the film.
handling the sale would receive a fee of no more that 20%,
Investment Structure:
What Were We Thinking Films, Inc. will be the
General Partner in FRIENDS WITH BENEFITS,
LIMITED PARTNERSHIP.
leaving $1,600,000. Approximately $50,000 would be due to
the Screen Actor’s Guild, leaving a balance of $1,550,000. Of
that amount, $360,000 would then be disbursed to the investors.
Thus on an investment of $9,000 (one unit), the investor would
be paid back the entire $9,000. The remaining $1,190,000
would then be split evenly between the General Partners and
the Limited Partners. A $9,000 investment would net one and a
quarter percent of that amount, thus a $14,875 profit on your
investment, after payback.
FRIENDS WITH BENEFITS will be comprised of the
General Partner and a as-yet-to-be-determined Again, please note, investing in this film or any other film is
number of Limited Partners. There are a total of forty highly speculative, and there’s no guarantee of any return on an
(40) Units available for sale to the Limited Partners. investment.
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PO Box 6260
Hamden Connecticut 06517
tel: 203-287-0728 | fax: 203-287-9086
Gorman Bechard cellular: 203-988-4248
Frank Loftus cellular: 860-803-1690
email: [email protected]
www.whatwerewethinkingfilms.com
www.YouAreAlone.com