The policy is for performance. Phoenix has a distribution arrangement with Sony with revenue sharing and first dollar gross. Mike Medavoy is sharing in the front end. The bank is responsive to new deals. Generally finance a package of films, rarely finance a single picture because the insurance company is looking to cross-collateralize.
Insurance is a last resort, it gives the bank an alternative.
Equity required today increased so significantly in 10 years. Business plans require so much capital in order to execute them. Economics of entertainment buisness in eqiuty are very tough. Banks understand they are not entertainment companies. Banks do not read scripts.