The project needed increased financial assurances before the guarantors would be willing to agree to a completion bond
Film Finances, the company that invented completion bonds
in 1950, remains the first port of call for many producers looking to make such impossible dreams become reality.
Jason Zelin of Completion Bond
Company added that they are eager to assist producers in obtaining financing by qualifying them with the banks.
They don't know how to deal with production or completion risks, discounting TV pre-sale contracts or arranging completion bonds
," says Christophe Vidal, director of a main lender to the Spanish industry, Paris' CoficineNatixis.
* Completion bond
guarantees; pledge to "produce in agreed time at agreed prices"
CineFinance became involved in the production, but Cheng denies speculation that the completion bond
company had taken over the picture.
Not only did Fiorentino fail to show up on set at the start of photography in Chicago, the German insurance company that had agreed to provide a completion bond
pulled out at the last minute, triggering the production's collapse.
The circumstances of Chow's departure were never clarified--local Chinese media said it was because of unreasonable demands by the thesp and conditions that completion bond
company CineFinance could not accept.
Rob Fisher, CEO of First Australian Completion Bond
Two of the biggest U.S.-based completion bond
firms are seeking to expand in the region.
"We're clearly busier than last year," says Steve Mangel, president and chief operations officer of Independent Film Guarantors, one of the leading completion bond