What are my options on this option?

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  • What are my options on this option?

    I optioned a contained action-thriller script for a modest sum (and subsequently renewed that option) to a credible production company nearly 18 months ago. During the option period I've completed several actor-specific rewrites with the intention of attaching talent - none of which have been successful. They have also been seeking financing, also unsuccessfully.

    Given this is easily my most commercial project - it can be made for a modest budget and play well internationally - I'm at the point where I just want to bite the bullet and take the script to studios as a naked spec and let the chips fall where they may. Is this an unreasonable position? Is there something else I could be doing to push this project along?

    My agent says he is happy to get involved, but I'm concerned that the production company will perceive this as an attempt to wrest away control of the development strategy of the project. It seems from my discussions with them that they are determined to package the script even if it takes them years. Their concern seems to be that they have one chance to make an impression with the studios and they want to do so with their best foot forward and that means a well-packaged script.

    I understand that sometimes projects take a long time to set up, but, while they are earning their weekly salaries merrily pushing this along in dribs and drabs, the reality is that I need to start earning money and would rather take a long shot risk on getting a sale, than drift along at a snail's pace for half a decade trying to convince Jason Statham or Denzel Washington to say yes to my project. I do also understand, however, that as they have paid for the option, the strategy is ultimately within their domain.

    As is probably obvious from my above ramblings, I feel somewhat out of my depth about how things operate on the business side of things. Any advice would be appreciated.

  • #2
    Re: What are my options on this option?

    I think you are right to be anxious - 18 months and then some is a long time. From what you are describing here their approach to packaging is a bit odd. Having done this a few times now, I would never start packaging with actors unless for some random reason a bankable actor sees the script and falls in love with it. Even then, it has to be a very specific actor from a rather narrow pool. What particularly worries me here is that you are doing rewrites for specific actors. Are they giving you notes? If not, how do you know what they want? Also, actors are notoriously slow to read/respond, especially if the film is not financed. If no one is backing your offers, I would venture to say you'll never get anyone attached. Not like that.

    I personally think that if this is contained thriller with good international potential, the best way to go about it is to find a director who could get financiers excited. Director's notes are probably worth taking into account (even then you can probably get away with sending your original script and having director meet with the studio/financiers to present his take). As for cast, you'll get wide array of opinions from studios, financiers, sales companies - can't please everyone.

    All that said, I generally question this company's ability to put a film together since contained internationally viable thrillers have been the easiest to finance in the last couple of years. However, this should not be your fight if you have an agent. Try to stay out of it and send him in to do your dirty work and extricate your script from the company or at least have him step in and say that he will take the project to studios (although it seems like you may be better off going the sales rout if you get a director). Anyway, have your rep figure it out because you are right, it has been long.

    Good luck!

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    • #3
      Re: What are my options on this option?

      Is it currently under option?

      If that is the case, then you CAN'T sell it to a studio. And, quite frankly, it'd be a dick move to try. It'd look exceptionally unprofessional and would probably make lots of people not want to do business with you.

      But let's be clear: you DO NOT HAVE THE RIGHT to sell this script while it is under option.

      You say this production company is credible. That suggests they have studio relationships. That probably means if you try to cut them out, you're actually going to kill your chance at selling it at studios where they have a relationship.

      You should be earning money on these rewrites. You are earning option payments. You made your bed, and now you don't want to sleep in it?

      What you are discussing comes across to me as both likely to fail and be bad for your career. I mean, jesus, why would anybody ever get into bed with a writer with a track record of taking the money and then screwing over his partners?

      If you don't want to let them continue to do their thing, you can refuse to renew the option and then try to sell it once the option has expired. But if you trust that they know more than you do (and wow, it sure sounds like they do) why do you not trust their strategy?

      Find another way to earn money while you work on your next script. Certainly if you generated heat for something else you wrote, that might help this project, but short of that, it seems like all you're likely to do is muck things up.

      Psychologically, "I need to start earning money" is a terrible motivation for anything having to do with one of your screenplays. The money follows the work, and flows from the work. There isn't any magic "earn money now" pixie dust you can sprinkle over things.

      There are very few producers who, armed with control of a script which could be set up at a studio, would refuse to go to that studio. For better or worse, production companies make their money by making movies. If they're playing a long game, that's because they see that as the best possible way to get the project made. Barring a specific reason to think they're wrong, why on earth are you disagreeing with them?

      Because you're impatient? What?

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      • #4
        Re: What are my options on this option?

        Originally posted by Ronaldinho View Post

        But let's be clear: you DO NOT HAVE THE RIGHT to sell this script while it is under option.

        Ronaldinho, I for the most part agree with your opinions, but I would have to disagree with you here. If the company failed to finance the film and the writer is able to do so while the project is under option, then the production company is attached as producer to the project. He is not suggesting going to another producer, he is talking about going to buyers here. Happens all the time but needs some agenting for sure. If the agent is there and capable this is a no brainer.

        Option or no option I have agents worth their paycheck up my poor behind day in and day out. And i KNOW if I sat on a project for 18+ months they would take the project away from me. 18 months is TOO LONG to do nothing.

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        • #5
          Re: What are my options on this option?

          How long is the option for?
          http://www.pjmcilvaine.com/

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          • #6
            Re: What are my options on this option?

            What particularly worries me here is that you are doing rewrites for specific actors. Are they giving you notes? If not, how do you know what they want?
            I should clarify that these aren't major rewrites, just minor story and character tweaks to suit the age, race, gender, previous work of a particular actor. Probably 10% changes per pass.

            Is it currently under option?

            If that is the case, then you CAN'T sell it to a studio. And, quite frankly, it'd be a dick move to try. It'd look exceptionally unprofessional and would probably make lots of people not want to do business with you.

            But let's be clear: you DO NOT HAVE THE RIGHT to sell this script while it is under option.
            Yeah, not sure where you got the impression that I'm planning on doing that. I'm talking about asking the production company to quit dicking around and take the unpackaged script to buyers, either directly themselves or through my agent. They would obviously be attached as producers and be paid and involved accordingly.

            How long is the option for?
            There's 6 months left on the option.

            Comment


            • #7
              Re: What are my options on this option?

              Originally posted by PoisonIvy View Post
              Ronaldinho, I for the most part agree with your opinions, but I would have to disagree with you here. If the company failed to finance the film and the writer is able to do so while the project is under option, then the production company is attached as producer to the project. He is not suggesting going to another producer, he is talking about going to buyers here. Happens all the time but needs some agenting for sure. If the agent is there and capable this is a no brainer.

              Option or no option I have agents worth their paycheck up my poor behind day in and day out. And i KNOW if I sat on a project for 18+ months they would take the project away from me. 18 months is TOO LONG to do nothing.
              I don't know how you can reach the above conclusions without reading the contract. If it is under an option which is standard in its approach, then OP can't sell it to anyone without the rights holder agreeing to the sale. That doesn't mean that OP can only sell it to rights holder, but OP most certainly wouldn't be able to sell it independent of them.

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              • #8
                Re: What are my options on this option?

                You are absolutely correct, you can not sell an optioned script independently of the producers. I didn't think that was the original poster's plan, nor is it my suggestion. You are also correct that I have not seen the option, so the comments are broad. However, standard options usually do not specify purchase price of the script (at least not the ones I've seen or done) and since the writer is represented, I assume (or hope) that his purchase price is subject to good faith negotiations with financier. This means that neither party can do anything with the script without the other agreeing to it. Even an optioned script needs the writer's final approval to be sold (option or no option).

                If the agent is any good, he can insert himself into the process to push it forward. For instance, push the company to go to financiers or at least attach a director and then go to financiers. Doesn't mean the company is not attached to produce. But if they have no money to finance the script, they have to find someone else to pick up the tap - pay the company, pay the writer, pay for the film...

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                • #9
                  Re: What are my options on this option?

                  Originally posted by PoisonIvy View Post
                  Ronaldinho, I for the most part agree with your opinions, but I would have to disagree with you here. If the company failed to finance the film and the writer is able to do so while the project is under option, then the production company is attached as producer to the project..
                  Well, I mean, the reality is that if he found a financier the prod-co would probably be thrilled. But if they weren't, they could stop the sale. They have the exclusive right to purchase the script while it is under option.

                  This isn't a question of whether or not they're attached. An "option" as generally understood (maybe this is an unusual contract) is an EXCLUSIVE right to buy a script for a certain amount of time. You can't sell it out from under them without their consent. Would they probably consent if you found financing? Sure. Probably.

                  But I could also imagine them suing you if a sale didn't get through, because you just made the job of attaching talent much harder. Now they would have to disclose that "the studios have all passed on this" when going out to talent. If I were them, and you did this to me, I would absolutely positively expect a refund of my option payment and would probably take you to court to get it.

                  (A production company acting like they control a property when they don't is absolutely actionable - I've arbitrated and won in cases like that. I have to think that the opposite is equally actionable.)

                  When you say "18 months is too long to do nothing" I don't know where you're getting the idea that they've done nothing. It says right up there that they've clearly been executing a strategy: attach talent. Now, that strategy hasn't been successful, but the notion that they're "doing nothing" is just silly. The OP has told us otherwise. And given that it can take months to get a read from an actor who can finance a film, 18 months really isn't necessarily that long.

                  Every option I've signed has specified a purchase price, usually as a function of a percentage of the budget with a cap and a floor.

                  The option will expire at some point. That is the point when the OP can take it to other people. Not before. Anything he does before then should be done with the consent and cooperation of the company that actually owns the right to buy the script. If they're executing a plan, he should continue to execute that plan and not undercut it.

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                  • #10
                    Re: What are my options on this option?

                    I think there is a general confusion here between options that are signed by production companies that have no funds of their own (this is the case here I think) and studio (or buyer) options.

                    Studio/buyer option implies that the project will be bought at the end of the option period and the purchase price is specified based on writer's quotes or a standing WGA minim if this is a first time writer. That option may also specify steps (if any) or rewrites that the writer will be paid for during the option period. All this assuming the company has money.

                    If we are talking about production company without ability to pay for the film, the option would be very different. If an agent allows production company to specify purchase price on such an agreement, you need a new agent to be honest. These kinds of options range from $1 to whatever producer can afford, sometimes they may specify steps but obviously not according to WGA scale unless there is development fund in place. Production company obviously would not buy this script but rather transfer ownership to the buyer when there is one. As a result of that transaction, the buyer will compensate the company all their expenses in connection with the project (or rather those will go into the budget of the film), the buyer will pay purchase price for the script and will make a deal with producer/company for their services including their fee/overhead/backend. But what you are signing in this case is essentially a shopping agreement under which the company can package the script, etc.

                    There is also a sales scenario where there isn't one buyer and it is a bit more complex, but there is no need to get into that here.

                    Of course if the writer is inexperienced and unrepresented or poorly represented anything is possible - they can agree to sell their script for nothing, be taken advantage of, etc - is a ruthless business, no question. However, that usually does not happen if the proper agent is involved in making the deal. Production company options (production company is essentially just a producer) usually states that purchase price is subject to good faith negotiations with someone who is able to pay. This benefits both the production company and the prospective buyer because it eliminates the guessing game.

                    What the option essentially signifies is that the writer, his script and production company come as a package. Writer can't go to another producer, producer can't push writer off the project because option does not give them ownership of the IP. If the writer goes to a financier and the financier likes the script, they will have to make both deals for the project to move forward. Can producers sue? I guess although this is highly unlikely. Especially with 6 months left on the option.

                    As to 18 months, it is indeed a long time to get things going. Director attachment doesn't take this long and you can go to studios with just a director. Packaging takes longer of course because of actors' schedules, etc. But that initial push doesn't take this long assuming the script is good. I personally would probably not even extend an option if nothing happens after 18 months. But then again, I wouldn't start packaging by going to actors..

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