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| Lee Rawson |
Santa Fe - A motion by State Investment Council member Lee Rawson passed unanimously today. Basically the motion paves the way to get the SIC out of the film loan business. The Public Equity Investment Committee has been asked to develop a film loan program with these two criteria: 1. Film loans must have a 100% guarantee, 2. Film loans must be at market rate, given the guarantee. The SIC Public Equity Investment Committee is also tasked with bringing a recommendation to the SIC to terminate the contract with the Film Advisor. Apparently the SIC Film Auditor offered assurances to the SIC that the state will NOT receive any participatory payments from film profits. These payments were supposedly to offset the ZERO % interest loans made. The bottom line according to those observing the SIC actions is the state has Zero % loans with absolutely no upside, while still potentially losing the state's investment principal.
Apparently, recognizing their roles as fiduciaries, the SIC members are putting the legislature and the executive on notice that it does not intend to make any film loans without a clear and formal direction in statutes. It would seem that the action taken today by the SIC was done to allow the legislature 30 days to pass legislation if the legislature and governor so choose.
Rawson's SIC Reform Motion Passes Unanimously
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1 comments:
Hollywood doesn't need a handout from the citizens of New Mexico. Actors, directors and film executives seem to have plenty of time on their hands to pitch their socialist political views in the national media. They should put some of their own cash at risk and fund their own Hollywood messages in the trash they produce.
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