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I. Objective
II. Terms
III. Description of Film Project
IV. Industry Research and Projections for DV Motion Pictures
V. Director's Statement (March 2004. Before the Shoot)

Our talent. Standing from the left: Giancarlo Esposito, Ken Schwartz, Larry Pine, Gregory Hondros, Michi Barall, Kate Hodge and Keith Nobbs. Sitting from the left: Vincent Chambers, Zhenya Kiperman, Lair Torrent and Carolee Carmello. Photo by Gosha Shif.


Iago Films LLC (the "Company") is a New York limited liability company that was created for the sole purpose of developing, financing, producing and exploiting one feature-length motion picture entitled I Will Avenge You, Iago! (the "Picture").

The Company is offering membership interests for sale. The owners of the membership interests will be entitled to share in profits from the exploitation of the Picture after recoupment of their initial investment. The profits from the exploitation of the Picture will be shared 50-50 between the Managers of the Company and the entire pool of investors, which is customary in this type of film equity-financing transaction.

The Picture will be filmed on Digital Video (DV) format. The current estimated production budget of the Picture is approximately $200,000. The Company intends to cast the Picture with quality talent. The Company plans to offer deferred compensation packages to members of the cast and crew and to service providers, to keep the up-front cash production budget to a minimum. In particular, the writer/director/producer of the Picture, Zhenya Kiperman, and producer Anthony Grillo have chosen to defer their salaries for making the Picture.

Certain casting and production opportunities may arise during the pre-production of the Picture that would justify slightly adjusting the production budget upwards. Nevertheless, in no event shall the production budget exceed $300,000.

The company intends to earn revenue through the distribution and exploitation of the completed Picture. Revenue from distribution and other sources may provide a reasonable return on the investment of the investors (see IV. Industry Research and Projections for DV Motion Pictures).

Stars of the film Larry Pine and Michi Barall. Photo by Pavel Antonov.



1. Membership Interests in LLC/Units
The "Units", $5,000 each, are being offered for sale to investors. These Units will be entitled to Recoupment of the principal amount invested plus a proportional interest in the Net Profits earned from the exploitation of the Picture.

2. Amount
The Offering may be closed when a minimum of $75,000 has been raised and must be closed when a maximum of $300,000 has been raised. All raised funds will be held by the Company in a special account at a bank in Brooklyn, New York. These funds will not be released until the Offering is closed (unless an investor gives permission to the earlier use of his or her investment). The Offering expires on December 31, 2004. If the Offering minimum has not been raised prior to the expiration of the Offering, all funds will be returned to investors.


Description of Film Project

When the Offering is funded, the Company intends to produce and arrange for the distribution of a single feature-length motion picture based on the screenplay entitled I Will Avenge You, Iago! written by Zhenya Kiperman.

The Screenplay is based, in part, on certain material from the short story entitled "The Power of Art", written by Arkady Khait and Alexander Kurlyandsky (the "Short Story"). Zhenya Kiperman has obtained, on behalf of the Company, perpetual worldwide rights in all media to use and include the Short Story in the Picture and all derivations and exploitations thereof.

A copy of the Screenplay is available upon request.

The screenplay is registered with the Copyright Office and Writers' Guild of America.

The Picture will be directed by Zhenya Kiperman. Mr. Kiperman has previously written, produced, directed and starred in a 30-minute film version of I Will Avenge You, Iago! The film was nominated for a National Student Academy Award and won several prestigious awards at American and European film festivals. A VHS copy of the short film is available upon request. You can also view Mr. Kiperman's Director's Statement.

The Picture will be filmed by the award-winning Director of Photography, Wolfgang Held. Mr. Held is one of the most respected cinematographers in the New York independent film arena, with 28 feature films and documentaries shot on film and digital formats.

The Company has developed a preliminary Shooting Schedule. Most, if not all, of the filming will take place in New York. Post-production (editing, mixing, etc.) will commence immediately following the end of principal photography, and is anticipated to last three (3) to five (5) months. This production schedule may change depending upon a variety of factors, the most important of which would be the professional availability of the talent.

Industry Research and Projections for DV Motion Pictures

Digital films is the most dynamically growing kind of filmmaking today, with the Sundance Film Festival's Grand Prize for Rebecca Miller's PERSONAL VELOCITY, the sensational $5 million sale of Gary Winick's TADPOLE to Miramax, and George Lucas' recent all-digital Star Wars Episode, ATTACK OF THE CLONES. Shot for a few hundred thousand dollars, digital features are being acquired by all existing film markets (theatrical/TV/video/DVD/internet), and are rapidly creating new markets of their own. Thus, New-York-based Emerging Pictures (http://www.emergingpictures.com) is currently building a national network of satellite-fed digital cinemas, with the goal of taking on 300 screens over the next three years (The Hollywood Reporter, July 17, 2002; http://www.emergingpictures.com/thre0717.pdf )

The following budget/sales figures and projections are largely based on our conversations with the representatives of the two leading companies producing/distributing digital features, InDigEnt (http://www.indigent.net) and Emerging Pictures; and researching the film industry periodicals Variety, The Hollywood Reporter, Film Journal International, and Screen Daily.

The following six films were all shot on digital formats with the approximate budgets of $300,000 each:

Directed by: Gary Winick
Produced by: Gary Winick, Alexis Alexanian, and Dolly Hall
Starring: Sigourney Weaver, Bebe Neuwirth, John Ritter,
and introducing Aaron Stanford
Written by: Niels Mueller and Heather McGowan
Website: http://www.miramax.com/tadpole/

Sold to Miramax for $5 million - All World Wide Rights, including theatrical/TV/video/DVD markets.

Directed by: Rebecca Miller
Produced by: Lemore Syvan, Gary Winick, Alexis Alexanian
Starring: Kyra Sedgwick, Parker Posey, Fairuza Balk
Written by: Rebecca Miller based on her book
Website: http://www.mgm.com/ua/personalvelocity/

Sold to the United Artists for $850,000 - only North American rights, only theatrical (not including TV/video/DVD markets).*

* The information on the foreign sales and TV/video/DVD sales of PERSONAL VELOCITY, CHELSEA WALLS, FINAL, TAPE and TEN TINY LOVE STORIES is not disclosed.

Directed by: Ethan Hawke
Produced by: Christine Vachon, Pam Koffler
Starring: Kevin Corrigan, Vincent D'Onofrio, Kris Kristofferson, Robert Sean Leonard
Website: http://www.lionsgatefilms.com/dnm/profile.html?pid=IN-S-00102

Sold for $500,000 - only North American rights, only theatrical (not including TV/video/DVD markets)

Directed by: Campbell Scott
Produced by: Mary Frances Budig, Steve Dunn, Campbell Scott
Starring: Denis Leary, Hope Davis
Website: http://www.cowboypictures.com/final/

Sold for $500,000 - only North American rights, only theatrical (not including TV/video/DVD markets)

Directed by: Richard Linklater
Produced by: Anne Walker, Detour Filmproduction
Starring: Ethan Hawke, Robert Sean Leonard, Uma Thurman
Website: http://www.lionsgatefilms.com/dnm/profile.html?pid=IN-T-00693

Sold for $500,000 - only North American rights, only theatrical (not including TV/video/DVD markets)


Directed by: Rodrigo Garcia
Produced by: Dan Hassid
Website: http://www.lionsgatefilms.com/dnm/profile.html?pid=IN-S-00100

Sold for $500,000 - only North American rights, only theatrical (not including TV/video/DVD markets)

Please note, that three of these six films, including the award-winning PERSONAL VELOCITY, acquired theatrical distribution despite the absence of well-known actors in them. Similarly, the lack of stars did not diminish the tremendous commercial success of BLAIR WITCH PROJECT (filmed partly on digital video), and the latest independent low-budget sensation, MY BIG FAT GREEK WEDDING.

Based on these facts and our conversations with InDigEnt and Emerging Pictures, the range of profits for American digital features appears to be the following:

North American Markets:
Theatrical - up to $1 mln.
TV (free TV+cable) - up to $1 mln.
Video/DVD - up to $1 mln.

All Foreign territories/markets - up to $1 mln.*

* We believe that I WILL AVENGE YOU, IAGO! is likely to generate a substantial interest from European distributors. Its sensibility is very similar to Woody Allen's films, which usually do very well in Europe.

The strong commercial elements of I WILL AVENGE YOU, IAGO! are:

1. The film will be a comedy.
2. The film presents a humorous contemporary take on Shakespeare's plots. Shakespeare's material has proven to have a mass appeal, the best example being the remarkable artistic and commercial success of the Oscar-winning SHAKESPEARE IN LOVE.
3. We believe that the script's fascinating characters will attract strong actors.

Writer/Director/Producer Zhenya Kiperman with director Jim Jarmusch and actor Isaach de Bankole after the screening of Jarmusch's Night on Earth (1991) at Kiperman's "Golden Age of Cinema" Film Festival. June 11, 2002. Photo by Pavel Antonov.


Director's Statement(March 2004. Before the Shoot)

I Will Avenge You, Iago! was initially a 30-minute comedy, that I wrote, produced, directed and starred in while at Columbia University Film School. The film was nominated for a National Student Academy Award and won several prestigious awards at American and European film festivals.

This success inspired me to develop it into a feature length script, adding to the central story of the great Performer and impressionable Audience Member, a few other stories which also celebrate the gift of Acting.

A great stage performance almost costs Jack Bandrowsky his life; an inspired backstage performance saves him. His actress wife Helen learns about his affair, but there is no mistress, just a brilliant con woman. In the next act, Helen leaves him for the director of her theater, who makes her pregnant, takes her off stage, and cheats on her with an H.I.V. positive actor. Helen breaks down and kills herself… but this act is just an in-house rehearsal of a new play!

There are family dramas and farces, love and adultery, a pretended suicide and real murder, "Otello" on opera stage and "Hamlet" in a prison theater. It's funny, heart-breaking and never predictable.

Its sensibility has much in common with Woody Allen's Bullets Over Broadway and Tom DiCillo's independent classic Living in Oblivion which also was born as a 30-minute short.

I firmly believe that the script will attract fine actors. It has fascinating characters and good stories with humorous turns and dramatic twists. I spent a year writing it, and another year making it better. And I am convinced that it will become an enjoyable and successful movie.



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