1st Edition

Investor Financing of Independent Film A Guide for Producers, Attorneys and Film School Lecturers

By John W. Cones Copyright 2024
    182 Pages
    by Focal Press

    182 Pages
    by Focal Press

    This book explains how to comply with the federal and states securities regulations when seeking to raise money from private investors for the development, production and/or distribution of a feature or documentary film.

    Drawing from the experience and expertise of a securities and entertainment attorney who has worked with independent filmmakers for 30 plus years, this resource explores securities law compliance in order to help readers comply with the law and avoid criminal and civil liability, while successfully raising investor funds for their film projects.

    Readers will gain an understanding of why the securities laws apply to most investor financing transactions, what choices need to be made by the filmmaker, what information needs to be disclosed to prospective investors, how to comply with the SEC’s policy regarding financial projections, what is the appropriate investment vehicle for various forms of investor financing, what limitations are imposed on the use of finders and how to handle the required federal and state notice filings.

    It is an essential resource for any film student taking a film finance course (or a production course with a film finance component), as well as any independent film producers, entertainment/securities attorneys and film school instructors, who want to be informed about the legal and practical aspects of investor financing of independent films.

    1. True Hollywood Stories

    2. Securities Law Enforcement

    3. Overview of Film Finance

    4. Pre-Offering Considerations

    5. Fitting Investor Financing into a Film Finance Plan

    6. Business Plan or Securities Disclosure Document

    7. The Three Forms of Documentation for Film Financiers

    8. Contingent Promissory Notes as a Film Finance Method

    9. The SEC’s Regulation D, Rule 506(b) Exemption

    10. The SEC’s Regulation D, Rule 506(c) Exemption

    11. The Federal Equity Crowdfunding Law

    12. Disclosure and the SEC’s Anti-Fraud Rule

    13. Box Office Comparables and Financial Projections

    14. Investment Vehicles

    15. Selling Independent Film Offerings

    16. Investor Tax Incentives

    17. Notice Filings


    John W. Cones is a securities/entertainment attorney who has worked with hundreds of independent film producers throughout the U.S. for the past 30 years, helping them comply with the federal and state securities laws. Mr. Cones’ work has resulted in the production of 63 investor-financed independent feature and documentary films. He also has written 18 books and 35 articles about film finance and the film industry.