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57-482: HandMade Films was an English film production and distribution company. Notable films from the studio include Monty Python's Life of Brian , Time Bandits , The Long Good Friday and Withnail and I . HandMade Films was formed by former Beatle George Harrison and business partner Denis O'Brien in 1978 to finance the controversial Monty Python film Life of Brian . Harrison had been introduced to O'Brien by actor Peter Sellers in 1973. Soon afterward

114-586: A reverse takeover agreement with Hand Made Holdings Ltd announced on 15 May 2006. The Equator Group reincorporated as HandMade Plc on 8 June 2006 and the new company was traded on the Alternative Investment Market (AIM) stock exchange (changing its ticker symbol from EQG to HMF). Trading of HandMade plc shares was suspended several times, notably June to October 2009, after the company failed to provide 2008 audit results to shareholders. On 29 April 2010, Almorah Services Ltd tendered

171-420: A cast and crew of hundreds, while a low-budget, independent film may be made by a "skeleton crew" of eight or nine (or fewer). These are typical crew positions: In production, the film is created and shot. In this phase, it is key to keep planning ahead of the daily shoot. The primary aim is to stick to the budget and schedule, which requires constant vigilance. More crew will be recruited at this stage, such as

228-464: A certain appeal of the film to a possible audience. Not all films make a profit from the theatrical release alone, however, the studio mainly targets the opening weekend and the second weekend to make most domestic profits. Occasionally, a film called a "word of mouth film" does not market strongly but its success spreads by word of mouth. It slowly gains its audience. These are special circumstances and these films may remain in theaters for 5 months while

285-593: A cinema ticket in history". Life of Brian grossed $ 21 million at the box office in the US. Harrison explained: "The name of the company came about as a bit of a joke. I'd been to Wookey Hole in Somerset  ... [near] an old paper mill where they show you how to make old underpants into paper. So I bought a few rolls, and they had this watermark 'British Handmade Paper' ... So we said ... we'll call it Handmade Films." The first film distributed by HandMade Films

342-540: A disastrous effect on the growth upon which the offering is predicated, and may even nullify it. In addition, during the many months it takes to put an IPO together, market conditions can deteriorate, making the completion of an IPO unfavorable. By contrast, a reverse takeover can be completed in as little as thirty days. A 2013 study by Charles Lee of Stanford University found that: "Chinese reverse mergers performed much better than their reputation" and had performed better than other similar sized publicly traded companies in

399-538: A film, create and edit the sound and music, and mix the final cut on a home computer. However, while the means of production may be democratized, financing, traditional distribution, and marketing remain difficult to accomplish outside the traditional system. In the past, most independent filmmakers have relied on film festivals (such as Sundance Film Festival , Venice Film Festival , Cannes Film Festival , and Toronto International Film Festivals ) to get their films noticed and sold for distribution and production. However,

456-441: A freelance job held by recent university graduates, does not feed scripts into the system that are ready for production nor already produced. "Coverage" is a way for young screenwriters to be read and their ideas might make their way up to an executive or famous producer and result in "meet and greets" where relations with up-and-comers can be formed. But it has not historically yielded ideas studios pursue into production. The studio

513-430: A green light may have protracted difficulties in making the transition to pre-production and enter a phase referred to as developmental hell for extended period of time or until developmental turnaround . Analogous to almost any business venture, financing of a film project deals with the study of filmmaking as the management and procurement of investments . It includes the dynamics of assets that are required to fund

570-415: A pairing of producers with writers , where they develop a "take", a basic story idea that utilizes the concept given by studio executives. Often it is a competition with several pairings meeting with studio executives and "pitching" their "take". Very few writing jobs are from original ideas brought to studios by producers or writers. Perhaps one movie a year will be a "spec" script that was purchased. Once

627-481: A reverse takeover, a company can go public without raising additional capital. Separating these two functions greatly simplifies the process. In addition, a reverse takeover is less susceptible to market conditions. Conventional IPOs are subject to risk of poor timing: if the market for a given security is "soft", the underwriter may pull the offering. If a company in registration participates in an industry that's making unfavorable headlines, investors may shy away from

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684-601: A sequel. They will additionally acquire a completed and independently financed and produced film. Such notable examples are Little Miss Sunshine , The English Patient , and Roma . Studios hold general meetings with producers and screenwriters about original story ideas. "In my decade working as a writer, I knew of only a few that were sold and fewer that made it to the screen," relays writer Wayne Powers. Alan Watt, writer-director and Founder of The LA Writer's Lab confirmed that completed original screenplays, referred to as "specs", make big news when they sell, but these make up

741-504: A series of fraudulent reverse mergers between private Chinese companies and U.S. publicly traded firms, with the acquiring companies often operating as a front for non-existent business activity and defrauding US investors in the process. A large part of these scams was played through small US banks willing to ignore clear warning signs when promoting these newly merged companies to the public market. Reverse mergers may have other drawbacks. Private-company CEOs may be naïve and inexperienced in

798-552: A takeover bid, priced at £0.01 per share in cash and HMF was delisted from the AIM on 29 June 2010. HandMade plc was re-registered as HandMade Limited, a private company, on 2 February 2011. Handmade Limited entered administration on 11 July 2012, liquidation on 24 April 2013, and was dissolved on 22 February 2018. In 2016, Park Circus purchased distribution rights to the HandMade film library. In 2017, following an investigation by

855-418: A typical film run is closer to 5 weekends. Further earnings result from pay television purchases, foreign market purchases and DVD sales to establish worldwide distribution gross of a film. Once a screenplay is "green-lit", directors and actors are attached and the film proceeds into the pre-production stage, although sometimes development and pre-production stages will overlap. Projects which fail to obtain

912-445: A very small portion of movies that are ultimately given the green light to be produced by the president of a studio. The executives return from the retreat with fairly well-established instructions. They spread these concepts through the industry community, especially to producers they have deals with (traditional studios will have those producers in offices on their lots). Also, agents for screenwriters are made aware. This results in

969-479: Is customary for the production office to arrange a wrap party , to thank all the cast and crew for their efforts. For the production phase on live-action films , synchronizing work schedules of key cast and crew members is very important. For many scenes, several cast members and many crew members must be physically present at the same place at the same time (and bankable stars may need to rush from one project to another). Animated films have different workflow at

1026-454: Is drawn up to plan expenditures for the film. For major productions, insurance is procured to protect against accidents. Pre-production also includes working out the shoot location and casting process. The Producer hires a Line Manager or a Production Manager to create the schedule and budget for the film. The nature of the film, and the budget, determine the size and type of crew used during filmmaking. Many Hollywood blockbusters employ

1083-411: Is filed immediately upon completion of the reverse merger transaction. Going public through a reverse takeover allows a privately held company to become publicly held at a lesser cost, and with less stock dilution , when compared with an initial public offering (IPO). While the process of going public and raising capital is combined in an IPO, in a reverse takeover, these two functions are separate. In

1140-404: Is the film distributor who at an early stage attempts to choose a slate of concepts that are likely to have market appeal and find potential financial success. Hollywood distributors consider factors such as the film genre , the target audience and assumed audience, the historical success of similar films, the actors who might appear in the film, and potential directors. All these factors imply

1197-463: Is up!" to inform everyone that a take is about to be recorded, and then "quiet, everyone!" Once everyone is ready to shoot, the AD calls "roll sound" (if the take involves sound), and the production sound mixer will start their equipment, record a verbal slate of the take's information, and announce "sound speed", or just "speed", when they are ready. The AD follows with "roll camera", answered by "speed!" by

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1254-505: The Insolvency Service , three HandMade Limited directors were disqualified from acting as a director of a company: Patrick Anthony Meehan for 13 years, David Bernard Ravden for five-and-a-half years, and Peter William Parkinson for four years. The directors misused funds to "pay off relatives" and "on matters undisclosed to advisers, shareholder or potential investors". Filmmaking Although filmmaking originally involved

1311-438: The film editor reviewing the footage with the director and assembling the film out of selected takes. The production sound (dialogue) is also edited; music tracks and songs are composed and recorded if a film is intended to have a score; sound effects are designed and recorded. Any computer-generated visual effects are digitally added by an artist . Finally, all sound elements are mixed down into "stems", which are synchronized to

1368-432: The internet has allowed for the relatively inexpensive distribution of independent films on websites such as YouTube . As a result, several companies have emerged to assist filmmakers in getting independent movies seen and sold via mainstream internet marketplaces, often adjacent to popular Hollywood titles. With internet movie distribution, independent filmmakers who choose to forego a traditional distribution deal now have

1425-481: The property master , script supervisor , assistant directors, stills photographer , picture editor , and sound editors . These are the most common roles in filmmaking; the production office will be free to create any unique blend of roles to suit the various responsibilities needed during the production of a film. Communication is key between the location, set, office, production company, distributors and all other parties involved. A typical day shooting begins with

1482-679: The "dump" after the takeover is consummated is by requiring a lockup on the shares owned by the group from which they are purchasing the public shell. Other shareholders that have held stock as investors in the company being acquired pose no threat in a dump scenario because the number of shares they hold is not significant. On June 9, 2011, the United States Securities and Exchange Commission issued an investor bulletin cautioning investors about investing in reverse mergers, stating that they may be prone to fraud and other abuses. The 2017 documentary film The China Hustle lays out

1539-405: The 1980s." In 1987, HandMade Films made an agreement with independent motion picture distributor Island Pictures to distribute four films for limited theatrical release from 1987 to mid-1988: The Lonely Passion of Judith Hearne , Track 29 , The Raggedy Rawney and Bellman and True . Following a series of box office bombs in the late 1980s and excessive debt incurred by O'Brien, which

1596-573: The First Draft. Preliminary discussions are minimal with studio executives but might be quite detailed with the producer. Next, a screenwriter writes a screenplay over a period of several months, or however long it takes. Deadlines are in their contracts but there is no pressure to adhere to them. Again, every writer's process and speed vary. The screenwriter may rewrite the script several times to improve dramatization, clarity, structure, characters, dialogue, and overall style. Script Coverage,

1653-492: The HandMade name in 1996–1997. The company's most notable release of that era was Lock, Stock and Two Smoking Barrels (1998). In 1999, Patrick Meehan and Cartier Investments acquired HandMade from Paragon. In June 1999, The Equator Group plc became the exclusive distributor and manager of the HandMade Films library, and attempted to purchase the company from Cartier outright, but negotiations were unsuccessful until

1710-617: The Oscar-nominated Mona Lisa , Shanghai Surprise and Withnail and I . He made several cameo appearances in these films, including a role as a nightclub singer in Shanghai Surprise , for which he recorded five new songs. According to Ian Inglis, Harrison's "executive role in HandMade Films helped to sustain British cinema at a time of crisis, producing some of the country's most memorable movies of

1767-475: The ability to reach global audiences. Reverse takeover A reverse takeover ( RTO ), reverse merger , or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public company is bought by the private company through an asset swap and share issue. The transaction typically requires reorganization of capitalization of

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1824-532: The acquiring company. In a reverse takeover, shareholders of the private company purchase control of the public shell company / SPAC and then merge it with the private company. The publicly traded corporation is called a "shell" since all that exists of the original company is its organizational structure. The private company shareholders receive a substantial majority of the shares of the public company and control of its board of directors . The transaction can be accomplished within weeks. The transaction involves

1881-548: The advent of home video in the late 1970s, most major films have followed a pattern of having several distinct release windows. A film may first be released to a few select cinemas , or if it tests well enough , may go directly into wide release . Next, it is released, normally at different times several weeks (or months) apart, into different market segments like rental , retail , pay-per-view , in-flight entertainment , cable television , satellite television , or free-to-air broadcast television. The distribution rights for

1938-409: The camera and sound stop recording. The script supervisor will note any continuity issues, and the sound and camera teams log technical notes for the take on their respective report sheets. If the director decides additional takes are required, the whole process repeats. Once satisfied, the crew moves on to the next camera angle or "setup", until the whole scene is "covered." When shooting is finished for

1995-419: The camera operator once the camera is recording. The clapper loader , who is already in front of the camera with the clapperboard , calls "marker!" and slaps it shut. If the take involves extras or background action, the AD will cue them ("action background!"), and last is the director, telling the actors "action!". The AD may echo "action" louder on large sets. A take is over when the director calls "Cut!" and

2052-424: The crew arriving on the set/location by their call time. Actors usually have their own separate call times. Since set construction, dressing and lighting can take many hours or even days, they are often set up in advance. The grip , electric and production design crews are typically a step ahead of the camera and sound departments: for efficiency's sake, while a scene is being filmed, they are already preparing

2109-494: The deal. In a reverse takeover, since the deal rests solely between those controlling the public and private companies, market conditions have little bearing on the situation. The process for a conventional IPO can last for a year or more. When a company transitions from an entrepreneurial venture to a public company fit for outside ownership, how time is spent by strategic managers can be beneficial or detrimental. Time spent in meetings and drafting sessions related to an IPO can have

2166-628: The development process proceeds from there and how much detail a writer returns to the studio to divulge before beginning writing can vary greatly. Screenwriters are often protected by the union, the Writers Guild of America , or WGA. The WGA allows a screenwriter to contract for One Draft, One Revision, and One Polish. Bob Eisle, Writer and Member of the Guild Board, states, "Additional writing requires an extension of contracts and payment for additional work". They are paid 80% of their fee after

2223-403: The film are also usually sold for worldwide distribution. The distributor and the production company share profits and manage losses. Filmmaking also takes place outside of the mainstream and is commonly called independent filmmaking . Since the introduction of DV technology, the means of production have become more democratized and economically viable. Filmmakers can conceivably shoot and edit

2280-622: The film is advertised and promoted . A B-roll clip may be released to the press based on raw footage shot for a "making of" documentary, which may include making-of clips as well as on-set interviews separate from those of the production company or distributor. For major films, key personnel are often contractually required to participate in promotional tours in which they appear at premieres and festivals and sit for interviews with many TV, print, and online journalists. The largest productions may require more than one promotional tour, in order to rejuvenate audience demand at each release window. Since

2337-455: The film is carefully designed and planned. This is the phase where one would narrow down all the options of the production. It is where all the planning takes place before the camera rolls and sets the overall vision of the project. The production company is created and a production office established. The film is pre-visualized by the director and may be storyboarded with the help of illustrators and concept artists . A production budget

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2394-586: The filmmaking and liabilities incurred during the filmmaking over the time period from early development through the management of profits and losses after distribution under conditions of different degrees of uncertainty and risk. The practical aspects of filmmaking finance can also be defined as the science of the money management of all phases involved in filmmaking. Film finance aims to price assets based on their risk level and their expected rate of return based upon anticipated profits and protection against losses. In pre-production, every step of actually creating

2451-486: The images on the screen, and the film is fully completed ("locked"). Distribution is the last stage, where the film is released in movie theaters or, occasionally, directly to consumer media ( VHS , VCD , DVD , Blu-ray ) or direct download from a digital media provider. The film is duplicated as required (either onto film or hard disk drives ) and distributed in cinemas for exhibition (screening). Press kits, posters, and other advertising materials are published, and

2508-572: The media and real life, as well as many other sources, to determine their yearly agenda. For example, in a year when action is popular, they may wish to explore that topic in one or more movies. Sometimes, they purchase the rights to articles, bestselling novels, plays , the remaking of older films , stories with some basis in real life through a person or event, a video game , fairy tale , comic book , graphic novel . Likewise, research through surveys may inform their decisions. They may have had blockbusters from their previous year and wish to explore

2565-441: The next one. While the crew prepares their equipment, the actors do their costumes and attend the hair and make-up departments. The actors rehearse the script and blocking with the director, and the camera and sound crews rehearse with them and make final tweaks. Finally, the action is shot in as many takes as the director wishes. Most American productions follow a specific procedure: The assistant director (AD) calls "picture

2622-416: The next shooting day. Later on, the director, producer, other department heads, and, sometimes, the cast, may gather to watch that day or yesterday's footage, called dailies , and review their work. With workdays often lasting fourteen or eighteen hours in remote locations, film production tends to create a team spirit . When the entire film is "in the can", or in the completion of the production phase, it

2679-486: The private and shell company exchanging information on each other, negotiating the merger terms, and signing a share exchange agreement. At the closing, the shell company issues a substantial majority of its shares and board control to the shareholders of the private company. The private company's shareholders pay for the shell company by contributing their shares in the private company to the shell company that they now control. This share exchange and change of control completes

2736-479: The private company does not go through an expensive and time-consuming review with state and federal regulators because this process was completed beforehand with the public company. However, a comprehensive disclosure document containing audited financial statements and significant legal disclosures is required by the Securities and Exchange Commission for reporting issuers. The disclosure is filed on Form 8-K and

2793-784: The producer and writer have sold their approach to the desired subject matter, they begin to work. However, many writers and producers usually pass before a particular concept is realized in a way that is awarded a green light to production. Production of Unforgiven , which earned Oscars for its Director/Star Clint Eastwood , as well as its screenwriter, David Webb Peoples, required fifteen years. Powers related that The Italian Job took approximately eight years from concept to screen, which, as Powers added, "is average." And most concepts turned into paid screenplays wind up gathering dust on some executive's shelf, never to see production. Writers have different styles and creative processes; some have stronger track records than others. Because of this, how

2850-461: The production phase, in that voice actors can record their takes in the recording studio at different times and may not see one another until the film's premiere. Animated films also have different crew, since most physical live-action tasks are either unnecessary or are simulated by various types of animators . This stage is usually thought of as starting when principal photography ends, but they may overlap. The bulk of post-production consists of

2907-462: The reverse takeover, transforming the formerly privately held company into a publicly held company. Depending on the underwriters ' agreements and other forward purchase agreements, the size of the company taken public in a reverse merger can exceed the market capitalization of the shell company/SPAC by a considerable amount. In the United States, if the shell is an SEC -registered company,

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2964-425: The same industrial sector. Reverse takeovers always come with some history and some shareholders. Sometimes this history can be bad and manifest itself in the form of currently sloppy records, pending lawsuits and other unforeseen liabilities. Additionally, these shell companies could have existing shareholders who could be anxious to sell their stock. One way the acquiring or surviving company can safeguard against

3021-439: The scene, the assistant director declares a "wrap" or "moving on", and the crew will "strike", or dismantle, the set for that scene. At the end of the day, the director approves the next day's shooting schedule and a daily progress report is sent to the production office. This includes the report sheets from continuity, sound, and camera teams. Call sheets are distributed to the cast and crew to tell them when and where to turn up

3078-504: The two went into business together. The HandMade logo was drawn by Python's animator Terry Gilliam . When the original financiers of Brian , EMI Films , pulled out of the project less than a week before filming was to commence, the creators had to find other financing. Harrison, a friend and fan of the Pythons, mortgaged his home in order to finance the feature. Eric Idle of the Pythons later called it "the most anybody's ever paid for

3135-596: The use of film , most film productions are now digital . Today, filmmaking refers to the process of crafting an audio-visual story commercially for distribution or broadcast. Film production consists of five major stages: The development stage contains both general and specific components. Each film studio has a yearly retreat where their top creative executives meet and interact on a variety of areas and topics they wish to explore through collaborations with producers and screenwriters, and then ultimately, directors , actors, and actresses. They choose trending topics from

3192-511: Was The Long Good Friday (1980), and the first it produced was Time Bandits (1981), a co-scripted project by Monty Python ' s Terry Gilliam and Michael Palin . The film featured a new song by Harrison, " Dream Away ", in the closing credits. Time Bandits became one of HandMade's most successful and acclaimed efforts; with a budget of $ 5 million, it earned $ 35 million in the US within ten weeks of its release. Harrison served as executive producer for 23 films with HandMade, including

3249-405: Was guaranteed by Harrison, HandMade's financial situation became precarious. The company ceased operations in 1991 and was sold three years later to Paragon Entertainment Corporation of Toronto, Canada. Afterward, Harrison sued O'Brien for $ 25 million for fraud and negligence, resulting in an $ 11.6 million judgment in 1996. New owner Paragon Entertainment Corporation restarted production under

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