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[QUOTE]Originally posted by QuestSolver: [QB] Germany‘s film funds resurfacing Staff and agencies 13 February, 2006 By Scott Roxborough 30 minutes ago BERLIN (Hollywood Reporter) - Germany‘s once all-powerful film funds, which found themselves left out in the cold after the government shut them down last year, used the Berlin International Film Festival to rebrand themselves as responsible partners of film producers and not just tax-dodge specialists. Fund groups including major players VIP Media, Equity Pictures and Apollo Media on Monday announced the formation of a national association, Private Capital Film & Media, which they say will act as a bridge between independent producers and German private capital. "The message is, we are the friend of the producers, (and) we want to help producers tap the potential of the German equity market," association spokesman and Munich media attorney Robert Strasser said. "We understand, because of the controversy surrounding some of the funds in the past, (that) our first job will be to win back the trust of the film and television community as well as the financial community." Germany‘s film funds, which raised billions in private equity to invest in mainly U.S. productions, were shuttered last year by the German government, which viewed most of the funds as little more than an elaborate tax dodge. Germany‘s old funds tapped mainly wealthy professionals, typified by the "rich dentist" who would invest $100,000 into a blind film-fund pool to defer paying taxes. The new fund association says the new sources of private film financing will come directly from banks and investment companies as well as wealthy individuals willing to plunk down $1 million or more on projects. Strasser estimates that the German market has the potential to raise $200 million-$300 million a year in private equity for film production. "It might not be the billions the funds used to collect, but it isn‘t bad, and it could mean a lot more production for Germany," he said. http://www.localnewsleader.com/elyti...news&id=142403 [/QB][/QUOTE]
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