You Never Know When Your Number’s Up!
MegaBall$ / Oroloro News
Section 181 Grandfathered
The federal film tax incentive known as Section 181 expired December 31st, 2016. The incentive allows film investors to minimize their risk by deducting their investment against passive income as soon as spending begins (capitalization of the offering).
However, the incentive will sunset December 31st. A bill has been introduced to once again renew but, based on past renewals – and considering how slow Washington moves, and a new administration – we can anticipate many months will pass before the bill comes to a vote; and who knows if it will pass. We can be sure there will be a gap until such time 181 renews where investors cannot deduct their investment as per the incentive.
We at Oroloro Entertainment are happy to report that our comedy feature film MegaBall$ has been grandfathered in, and the tax benefit for investors will not expire, but stay with our project. This gives us a very specific advantage over other films not covered by 181, making our project more attractive to prospective investors. Combining the benefits of 181 and state/local incentives, investors can see a substantial reduction in the financial risks of film investment. This is a great enhancement to our project, and giving us an edge when we promote MegaBall$ at the Sundance Film Festival January 21, 2017.
For more information on how Sect. 181 can benefit you check with your tax advisor – or, if you wish, send us an email and we will connect you with our lawyer (who was very involved in the drafting of Sect. 181). You may also ‘Google’ “Section 181” to see many legal opinions of the incentive.
We’re very excited to welcome Lin Tucci to our MegaBall$ support team. Lin is a 2015 SAG Award winning actress best known as Anita DeMarco, a series regular on the hit Netflix series, Orange is the New Black (OITNB)
We had the pleasure of first meeting Lin during a SAG-AFTRA event in New York and immediately hit it off, joking and talking about … salami! She is a joy, very funny and endearing.
Lin agreed to read MegaBall$ but warned that it may take some time because she is shooting OITNB, but in a very short time responded, “Bravo, what a great script!…Sooo many things resonate for me….Your characters and storyline are rich in content….Fun and fast!…Your devotion to detail is profoundly admirable”
We agree with Lin, that the role of Rosa and Lin is a perfect fit, “fun, and would be a blast to create.”
#LinTucci #OITNB #MEGABALLS
We’re very pleased to announce that MegaBall$ was a finalist in the comedy division of the 2016 World Series of Screenwriting. Of many hundreds of entries our comedy made it to the Top 10 Comedy Screenplays….a placement to be proud of!
There are so many competitions around the world for screenplays, but few offer subdivisions by genre – something we believe all competitions should offer. After all, how can a comedy compete against a dram against a sci-fi thriller?
We have had very positive comments from other submissions. For example, both Slamdance and the Tribeca Film Institute called the project very commercial and enjoyable. We’re confident that the project will sell – so, off we got after the production funds…and we’ll be attending the Sundance Film Festival in January 2017, promoting and networking….
Our new lawyer and co-executive producer, Hal “Corky” Kessler and his law firm, Deutsch, Levy & Engel, were honored as Best Entertainment Attorney.
The Middle Market Monthly has chosen Deutsch, Levy and Engel as the 2016 Business Elite Awards’ Best Entertainment Law Attorney – USA. The Middle Market Monthly will produce the 2016 Business Elite award winner’s magazine, which will be digitally distributed to their subscriber base of 60,000 business professionals worldwide. That, along with the winner’s directory, will be live on their web site for 12 months.
Corky is considered one of the leading experts on the Federal Film Tax Incentive known as Sect. 181., and has been involved in the development and production of more than sixteen films, with six more in the works (including MegaBall$). We’re very excited about having Corky part of our award-winning production team!
We’re taking MegaBall$ to Sundance!
After a favorable experience at the Toronto Film Festival (TIFF16), and upon the advice of our film lawyer, we have decided to attend the Sundance Film Festival in January. We believe it is prudent to attend some major festivals before you have a film entered so you may better understand how they work without the pressure of pushing a project being screened.
Our goal for both TIFF and Sundance is to not only gain experience, but to take advantage of any panel discussions AND network…. network …. network. Attending Sundance will afford us another good opportunity to promote the development of our film, MegaBall$, get new followers on social media and possibly connect more people to the project to move it forward.
Sundance has a reputation for its multiple networking events. Our lawyer not only helped arrange accommodations but has lined up four days’ worth of events and panels. So, off we go! The room has been booked, air travel next. Unlike TIFF, we’ve planned this far enough in advance so we may now reach out to an assortment of industry reps to try to schedule some meet & greets. Our 1-sheet went over really well in TIFF, so we’ll have a good supply on hand for Park City.
We recently attended 5 days of the 2016 Toronto Film Festival and would like to share our experience.
Toronto is a great city: good transportation, very clean and people are friendly. It feels like Manhattan with a European flair. The festival is centered downtown in the Entertainment district and almost everything is in walking distance. For those who cannot find accommodations nearby find one near the underground or trolley lines, which are very efficient.
We were able to put together the travel and hotel with loyalty points keeping the trip very affordable. We used the new UP Express, a train which connects Pearson Airport to Union Station. $12 Canadian gets you there in 25 relaxing minutes. Our hotel, the Delta, was in walking distance of Union Station and boasted amazing views. We kept our food costs low by having large breakfasts at the hotel (included in our deal), and by taking advantage of the VIP lounge in the evenings, which offered a variety of food and drink (also included).
We attended TIFF to get the experience of a major festival. I’ve heard it said, and found it to be true, that it’s a good idea to attend a major festival BEFORE you have a film entered. It’ll be a great learning experience to see how the festival runs, and how the industry works within the fest. Our new lawyer, Corky Kessler, thought it would be good to join him and others who were attending, and to sit in on a panel.
TIFF is the largest festival in North America, and with 350 films screened in ten days it’s too large. Considering every day there are multiple premiers, screenings, panels, discussion, events and parties one cannot not physically make them all. There were several films I had hoped to see including The Bleeder (which a friend acted in) and Egon Schiele: Tod und Madchen. I had written to a few friends who I knew were attending. At last minute one told me he had 1 extra ticket for The Bleeder but we had set other plans that day and time. The lines waiting for rush tickets were very long to almost every film, and those with the most buzz were impossible to get into. We focused on the panels, discussions and networking moments to learn as much as we could. Our intent was to learn all we could, network where possible, and to use TIFF as the jumping point of the reboot of our film, MegaBall$.
We were armed with some great looking one-sheets; heavy magazine glossy sheets with our poster on one side (designed by our production designer, Roger Ambrose) and details about the project on the other. We handed out where ever we could, but wished we totally depleted our supply before leaving. The response from those we talked with was very positive. They liked the concept, the 1-sheet, and one person stated our log line was the best he’s ever read.
We were invited to one party hosted by the South African Film Office, but we opted to attend one jointly hosted by SAG-AFTRA and ACTRA. I felt as a board member of SAG-AFTRA I was better suited to meet and greet fellow members and union leaders. Overall a nice event and a need break from promoting our film’s development.
The big lesson we learned a little too late. Don’t expect to randomly meet some person in a festival that will have time to talk about the project you’re developing. Sure, there are many filmmakers willing to talk – and we were happy to do that. But the industry people you want, the financiers, distributors and sales reps are so busy doing business there’s not much time to meet. Their schedule doesn’t allow them to just grab a wine and mingle at some panel. The trick is: once you’ve purchased your industry pass, most festivals release a list of all the industry people attending. You must go down that list and reach out to preset meetings. The further in advance of the festival the better. We were able to secure one meeting in advance, that was a little harried because it started late, and we needed to catch the UP train back to our flight home.
Our lawyer had asked us to sit on one of several livestreamed panels about film that coincided with the festival which was featured on Torontoeco.tv. In addition to the development panel we spoke on, we stayed off camera to listen to all the other panels. This was a good move for heard some good advice, met a lot of good people — all colleagues of our lawyer and who took our project seriously. According to the technician the streamed panels had 150,000 views worldwide.
We enjoyed a little down time as well, to pace ourselves and enjoy the city. I wouldn’t mind returning for a few days to play tourist in the early fall.
The overall lesson – plan far ahead when attending a festival. Try to make appointments to meet industry people long before you get there. Dress comfortable, specially shoes, and be armed with a good 1-sheet and lots of business cards, and pens and a notepad. Make sure your 1-sheet (or business cards) have white-space where people can make notes.
Today we now start doing our follow-up. We are now 506c compliant and seeking accredited investors. Bon chance!
Toronto Film Festival 2016
We’re are in the final stages of prepping to attend the 40th Toronto Film Festival 2016 TIFF16. We’ll be there Sept 10th to the 15th. We’ll be speaking on a panel on Sept 12th, and doing lots of networking and promoting the development and financing of our comedy feature film, MegaBall$. We’ve managed to use hotel points and frequent flier miles to make the trip inexpensive.
We now have a new lawyer/co-exec producer on our team, Hal “Corky”Kessler, ho is very respected in the world of independent film. We’re in the final stages of finishing up a total reboot of our package: new legal, new offering, and new budget. The final work will be Sec 506c compliant. Our budget is now $2 mil, with 400 investor units valued at $5,000 each, and will be effective as of Sept 1, 2017. We’re very pleased with the changes, and we’ve added more team members. Our goal is a Mid-Late Spring 2017 shoot. If you’re at Toronto for #TIFF16 please say hello!…and if you know of any accredited investors, send them our way!
We’ll be on a TIFF16 panel Tuesday, Sept 12th, livestreamed online. There are panels running from 2:30 t0 5:00 PM about Pitching, Dealing with Agents, Development, Funding, International Co-Productions & New Finance Trends, Distribution, and Intellectual Property & the art of contracts. The panels are hosted by our lawyer and co-executive producer, Corky Kessler, and we’re set for the Development Panel at 3:20 PM, along with producer/director James Pasternak, Steven Adam and Chris Helwink. The streaming will be on TorontoEco, a TV show filmed live during the festival at the One King West Hotel Penthouse, and streamed online at http://www.torontoeco.tv/ – tell your friends, share the link! Viewers can not only watch, but post questions during the panels!
We’re very excited about sitting on the panel – and attending the others. It gives us a great opportunity to learn, meet and network with industry professionals, and expose our MegaBall$ to the world watching online!
MaxIt Magazine, an online publication supporting independent film, has written about us: READ MORE
May 13, 2016: The ScreenCraft Screenplay Competition is considered one of the 15 top contests in the world. Last year, MegaBall$ placed in the semi-finals of the 2015 ScreenCraft Comedy Screenplay Contest: of 1260 international entries, we placed in the top 10%.
We finessed the screenplay and reentered. We’re please to share that MegaBall$ is in the quarterfinals of the 2016 ScreenCraft Comedy Screenplay Contest. Stay tuned!
Feb 9, 2016 – We welcome Julie Menin as the new NYC Film Commissioner. NYC is a very film-friendly town, and we look forward to the official support of the industry. We also hope we’ll be walking into Ms. Menin’s office setting up our film permits later this year.
January 26, 2016 – We are sad to learn of the death of friend Abe Vigoda today, and send our best to his daughter, Carol, and her family. Abe is best known for his role as Sal Tessio in The Godfather, and as Detective Phil Fish in Barney Miller. My first reaction on hearing the news was, “Are you sure” – referring to the story in People Magazine years ago erroneously reporting of his death, and ever since then….when Abe’s name was mentioned, someone would invariability reply, “Is he still alive?”
(Pictured here are Marc Baron, Abe Vigoda and Cliff Robertson.) Always a gentleman, and always encouraging those around him. I first met Abe when he joined The Lambs, the historical actors’ club in New York. What many did not know about Abe was that he loved Shakespeare and musical theater, and loved watching live singers. He would often stand around the piano at The Lambs and join in with the singers having a great time.
When he first heard about MegaBall$, and how I thought of him for one of the supporting roles, Abe wanted to learn more, and had asked that rather than read the script, to write him a few pages about the story and about “his” character. After reading the requested material he told me it was okay to tell people he was interested in working on the film. Every so often when we’d talk he’d remind me that he’s not getting younger, and how he was still working.
Sadly, this time the report of his death is true.
January 22, 2016 – We’re proud of our production designer, Roger C. Ambrose, for his recent work regarding the announcement of Fox TV’s new X-Files.
This appeared at LA’s Grove on January 22, 2016, and was featured in The Hollywood Reporter, The Wrap and the LAIst.com…and a video report from FoxTVNews-LA. Congrats, Roger! We’re excited to have Roger as part of our award-winning production team. Our team holds every award except an Oscar: Emmy, Clio, Tony, Drama Desk, Golden Record….the list of awards goes on and on.
Oroloro partner Joe Cirillo was interviewed on WGBB radio Saturday, Aug 22, 2015, for Lou Telano’s StreetWise show. Joe talks about his years as an NYPD police officer, then his career switch to film & televison as an actor, technical advisor, screenwriter, and now as a producer of MEGABALL$.
An independent comedy feature film by Oroloro Entertainment
An independent comedy feature film by Oroloro Entertainment