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(NBC News)   Investors who backed Zach Braff's latest film through Kickstarter are about to get a lesson in Hollywood Economics   (nbcnews.com) divider line 55
    More: Obvious, Zach Braff, Kickstarter, Adam Braff, Hollywood, Josh Gad, Sundance Film Festival, Rob Thomas, Mandy Patinkin  
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8730 clicks; posted to Entertainment » on 22 Jan 2014 at 5:41 PM (39 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-22 04:58:04 PM  

images1.wikia.nocookie.net

RIP Zapp Branigan

 
2014-01-22 05:08:58 PM  
So, some guy who gave a couple dozen bucks to the project is mad that he didn't get anything back soon enough?  The movie just came out at Sundance and he's mad that Braff didn't make the crowdfunding thing the first thing to come out of this mouth.

Dude is a crybaby.
 
2014-01-22 05:53:41 PM  
www.asmick.com
 
2014-01-22 05:53:56 PM  
Kickstarter donors = idiots. It's not an "investment" if you don't own a piece of the thing you're putting money into. At best, it's "pre-pre-ordering".
 
2014-01-22 05:54:40 PM  
It's springtime for Hitler and Germany?
 
2014-01-22 05:57:26 PM  
FTA:
The groundbreaking fundraising for the film, which cost $5.5 million to make, took place in April. In four days, its $2 million goal was met, and it went on to raise a total of $3.1 million from 46,520 contributors. Because Kickstarter and other crowdfunding sites do not allow investors to earn profits, project leaders offer rewards as incentives for contributions. Braff essentially offered his investors behind-the-scenes or VIP access, including personal copies of the script, roles as unpaid extras, screenings in 11 cities with Q&As with Braff, and on-screen credits.


Now Braff must live up to his promises, which will cost "hundreds of thousands of dollars" and is included in the film's budget, producer Stacey Sher of Double Feature Films ("Get Shorty" and "Pulp Fiction") http://www.buzzfeed.com/adambvary/zach-braff-wish-i-was-here-sundance- kickstarter" target=_blank jQuery171014892168116305227="134">told Buzzfeed in an interview. Sher said fulfilling rewards is the project's first financial obligation.



 Did the reporter even read their own article?  Nobody who donated to Kickstarter is getting $ back on this thing.  It's part of how Kickstarter works.

As for the rest, Sundance isn't even over yet.  Focus announced the acqusition on the 19th, and only through that agreement does the film even make the money it actually cost to film the thing (total cost was $5.2M, Kickstarter raised $3.1M).  Even without "hollywood accounting" rules in play, this film barely got paid for, and everyone's acknowledged that Braff has been pretty good on keeping up with updates to the fans.

Did I miss something?  What's the issue here?  So far it seems that the guy has kept to every promise he made in his Kickstarter and any of the materials that are owed would be provided after the budget was paid for (which just happened), and even made sure to have his people make it clear that now that the budget was taken care of, that the kickstarter backers are the first on the list to get what was promised them.
 
2014-01-22 06:03:02 PM  
1.bp.blogspot.com
 
2014-01-22 06:04:00 PM  

Klippoklondike: So, some guy who gave a couple dozen bucks to the project is mad that he didn't get anything back soon enough?  The movie just came out at Sundance and he's mad that Braff didn't make the crowdfunding thing the first thing to come out of this mouth.

Dude is a crybaby.


You coulda just not commented if you didn't want to even RTFA.
 
2014-01-22 06:07:19 PM  

meathome: Did the reporter even read their own article? Nobody who donated to Kickstarter is getting $ back on this thing. It's part of how Kickstarter works.


Sending out the trinkets will cost hundreds of thousands of dollars.

/If I read it right.
// It is possible that the thank you list was not on the print shown, so (due to evil Hollywood unions) redoing the credits might cost several thousand.
///Hollywood unions are not evil, just weird
 
2014-01-22 06:32:49 PM  
I'm baffled that there are that many Zach Braff fans, and that they willingly give him money.
 
2014-01-22 06:35:34 PM  

propasaurus: I'm baffled that there are that many Zach Braff fans, and that they willingly give him money.


So would you say you're braffled?
 
2014-01-22 06:52:00 PM  
I only supported 2 Kickstarter campaigns - one for a friends movie (which she made and is awesome) and one for Zane Lamprey to do a new travel/drinking show called Chug.  I got my t-shirt from Chug in months.  I consider $30 for free download of the series, when its done, and a t-shirt a pretty good deal.  I enjoyed the heck out of the guy's old "Three Sheets" show, so if the only way I'm getting more of that is to front the cash, I'm okay with that.

/ In other news, how is Zane Lamprey not the patron saint of Fark ?
 
2014-01-22 06:58:58 PM  
"Investors"  aka suckers
 
2014-01-22 07:02:13 PM  
Bear in mind that, according to Hollywood, _Harry Potter and the Sorcerer's Stone_ has, to date LOST $30-40M.
 
2014-01-22 07:05:39 PM  
I've never heard of this movie, when do I get money?
 
2014-01-22 07:10:45 PM  

AngryDragon: "Investors"  aka suckers


img.fark.netimg.fark.netisucceedbook.com

Friggin' big time.
 
2014-01-22 07:27:40 PM  

propasaurus: I'm baffled that there are that many Zach Braff fans, and that they willingly give him money.


I saw Garden State many years ago.  I was less than impressed but then I'm not some self-centered angst machine.
 
2014-01-22 07:28:17 PM  
The movie's Kickstarter pages clearly states, for each package: "Estimated delivery: Sep 2014 ".
Haughey knows it, he just bought himself and metafilter ad space on news and movies websites at the price of a 20-30$ donation to Braff.
Smart move, the journalist's an idiot.
 
2014-01-22 07:31:35 PM  
Who the hell donates to see Zach Braff make a movie?
 
2014-01-22 08:12:40 PM  
I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?
 
2014-01-22 08:21:32 PM  

Guntram Shatterhand: Who the hell donates to see Zach Braff make a movie?


I sometimes wonder that myself.  I'm sure he's a multi-millionaire several times over.  So is Spike Lee.  But why spend your own money when you can get idiots to donate it instead?
 
2014-01-22 08:24:29 PM  
Springtime for Hitler?
 
2014-01-22 08:26:31 PM  
Matt Haughey of Metafilter fame!
 
2014-01-22 08:28:53 PM  
Can't be worse than the Harry Knowles Kickstarter.
 
2014-01-22 08:52:52 PM  
"Wish I Was Here" is the emotional story of a struggling actor who decides to home school his children when he can no longer afford their Jewish day school while he's also dealing with his father's serious illness."

Who the fark would put up money for a movie about a Jewish guy whining about stuff
 
2014-01-22 08:58:24 PM  
They're going to make 300% ROI on a terrible film about cars losing traction?
 
2014-01-22 09:25:36 PM  

Witty_Retort: Klippoklondike: So, some guy who gave a couple dozen bucks to the project is mad that he didn't get anything back soon enough?  The movie just came out at Sundance and he's mad that Braff didn't make the crowdfunding thing the first thing to come out of this mouth.

Dude is a crybaby.

You coulda just not commented if you didn't want to even RTFA.


I did read the article.  That's where I got the information
 
2014-01-22 09:26:27 PM  

DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?


Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).
 
2014-01-22 09:33:54 PM  

Marshmallow Jones: "Wish I Was Here" is the emotional story of a struggling actor who decides to home school his children when he can no longer afford their Jewish day school while he's also dealing with his father's serious illness."

Who the fark would put up money for a movie about a Jewish guy whining about stuff


I take it you're not a big Jerry Seinfeld or Ray Romano fan.
 
2014-01-22 09:41:29 PM  

Neeek: DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?

Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).


It's not illegal, just against the rules, Damn Yankees just has a shiat vocabulary.
 
2014-01-22 09:48:24 PM  

chitownmike: Neeek: DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?

Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).

It's not illegal, just against the rules, Damn Yankees just has a shiat vocabulary.


It is illegal. To sell investments, ie shares that have a return, there are all sorts of legal requirements, due diligence, licencing etc. You cannot just advertise and promote shares in a venture without following the law. Kickstarter does not have any projects that are "investments". They can offer fixed, pre-arranged rewards only.
 
2014-01-22 09:50:20 PM  
Just here to make sure somebody remembered The Producers.
 
2014-01-22 09:50:33 PM  

elvindeath: $30 for free download of the series


i.imgur.com
 
2014-01-22 09:52:50 PM  
I dunno - I saw that one movie he made and I thought it completely sucked!!

I wouldn't touch this guy's project for anything
 
2014-01-22 09:54:28 PM  

Marshmallow Jones: "Wish I Was Here" is the emotional story of a struggling actor who decides to home school his children when he can no longer afford their Jewish day school while he's also dealing with his father's serious illness."

Who the fark would put up money for a movie about a Jewish guy whining about stuff


Woody Allen went far with it.
 
2014-01-22 10:00:37 PM  
Why Kickstarter donors can't get profits.

"And now that Mr. Braff has inked a $2.75 million distribution deal for Wish I Was Here, people are wondering if he's going to recoup his Kickstarter investors' contributions. Well, as it turns out, that's currently illegal.
Why? It started when congress passed the Jump Start Our Business Startups (JOBS) Act in 2012, in part to allow for crowdfunding sites like Kickstarter to continue operating. That legislation outlined parameters for crowdfunding - but also stipulated that the people seeking cash couldn't sell securities, or shares in their companies, via crowdfunding until the Securities and Exchange Commission passed guidelines regulating that exchange.
But the SEC still hasn't passed those regulations. So short of issuing a ton of refunds, there's no legal way for Mr. Braff to reward his investors with shares of his cash.
The SEC proposed a round of crowdfunding rules, but has to wait 90 days before they can review public comments and determine whether to adopt them. Coincidentally, the rules were proposed on Oct. 23, 2013, so they should be up for review again sometime within the next week or so.
As crowdfunding currently functions, it's not used as a way to offer and sell securities. Offering a share of financial returns or profits from business activities would trigger the application of the federal securities laws and would need to be registered with the SEC, that organization points out. This is why you receive gifts like DVDs or T-shirts when you fund something on Kickstarter, rather than a share in hypothetical profits.
If a company were to start sharing its profits with small investors, it would basically be going public without all the hoopla that's legally required to file an initial public offering."


/I gave money to the VM movie.
//Got my T Shirt to prove it.
 
2014-01-22 10:05:39 PM  
So the big rewards were scripts, walk-on roles and screening Q&As (which would probably coincide with a theatrical release). Seems like it would be pretty easy to find out if the first two happened.
 
2014-01-22 10:43:33 PM  
"It's all about being a part of something in the community, socializing with people who share interests and coming together to help improve the world we live in."

-Zach Braff on the KKK
 
2014-01-22 11:47:08 PM  

Neeek: DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?

Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).


chitownmike: Neeek: DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?

Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).

It's not illegal, just against the rules, Damn Yankees just has a shiat vocabulary.


It's illegal - it's a violation of the Securities Act and the Exchange Act. Offering people an ROI like that is the same thing as selling shares in a company for all intents and purpose, and thus do make that kind of public offer you'd need to comply with the SEC rules - essentially do an IPO.
 
2014-01-22 11:48:20 PM  

Neeek: DamnYankees: I'm confused - what's the complaint here? People donated money because they want the movie to be made. There was no offer for a return on investment; such an offer is actually illegal. So what's the issue?

Is it illegal or just against Kickstarter's rules? I can't think of a reason why a movie wouldn't be something you could offer to sell a piece of to raise funds (Super Troopers was funded by the dad of a friend of the guys who made it, for example).


FYI about super troopers, there are exceptions to the SEC rules. In laymen's terms, the rules only apply to 'public offers', and offering the investment to one dude (or even a small group of people) is not 'public'. There are lots of specific rules about this, but I won't bore you with the details.
 
2014-01-23 12:07:40 AM  
I normally hate "quirky" movies, but I love Garden State.

There, I said it. I feel better now.
 
2014-01-23 12:25:40 AM  
Serves you right, dummies.

Braff likely has that kind of money lost in his couch somewhere, and yet you fronted him cash to make a movie?

You're idiots.
 
2014-01-23 02:24:05 AM  

towatchoverme: Serves you right, dummies.

Braff likely has that kind of money lost in his couch somewhere, and yet you fronted him cash to make a movie?

You're idiots.


yeah. seth rogen was on point here.

braff has the money but didnt care to use it. project more than doubles in budget, he still gets paid, and these dumbasses will pay for the real thing twice.

manic pixie fantasy girl, indeed.
 
2014-01-23 02:53:21 AM  
meathome:  Did the reporter even read their own article?  Nobody who donated to Kickstarter is getting $ back on this thing.  It's part of how Kickstarter works.

She didn't seem to have read the story linked in her article either. It includes what appears to be the text of a press release that devotes two paragraphs to the Kickstarter campaign and its backers and quotes Braff talking about the distributor's enthusiasm for the Kickstarter supporters making them "a natural fit".

So basically, the greenlit article is about some whiny schmuck who thinks two days after the deal is reached should be ample time for him to get his t-shirt. If I brought in a check for $2.75 million to my bank, they'd only let me pull like a hundred bucks from it until it clears.
 
2014-01-23 03:05:47 AM  

GBmanNC: I normally hate "quirky" movies, but I love Garden State.

There, I said it. I feel better now.


Yeah, I see why people don't like him and/or Garden State. But I liked it. But I probably wouldn't pony up any money for him to make another movie.

Am I a hipster now? Fark's so confusing.
 
2014-01-23 07:23:52 AM  
You've got to be choosy with Kickstarter. Now, Rifftrax of Starship Troopers (originally they were going to try and get Twilight) was worth it!
 
2014-01-23 08:01:44 AM  

scarbachi: braff has the money but didnt care to use it. project more than doubles in budget, he still gets paid, and these dumbasses will pay for the real thing twice.


Isn't the first rule of hollywood that you never put up your own money for anything? Plus from the article is says that the movie (after all kickstarted donations) had a 5.5 million dollar budget. It appears that Zach Braff has a net worth of 22 million dollars. To fully fund this movie on his own he would need to put up 25% of everything he owns. And since he is not Scrooge McDuck, I doubt he keeps all his money as cash in a giant building. I am sure a large portion of that net worth is tied up in things he owns like house and other possessions, as well as other kinds of investments. And really how many people out there would put up 25% of their own net worth to fund a project like an independent movie, that even with a famous star behind it, is a pretty risky venture?
 
2014-01-23 09:13:50 AM  

elvindeath: I only supported 2 Kickstarter campaigns - one for a friends movie (which she made and is awesome) and one for Zane Lamprey to do a new travel/drinking show called Chug.  I got my t-shirt from Chug in months.  I consider $30 for free download of the series, when its done, and a t-shirt a pretty good deal.  I enjoyed the heck out of the guy's old "Three Sheets" show, so if the only way I'm getting more of that is to front the cash, I'm okay with that.

/ In other news, how is Zane Lamprey not the patron saint of Fark ?


Who?
 
2014-01-23 09:14:52 AM  
Did he finally make that Dr. Acula movie?
 
2014-01-23 10:43:46 AM  
They'll get "Executive Producer" credits.
 
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