Rechnung, bitte
The largest source of German equity funds has just lost its main sales arm. According to an article in Variety, "Commerzbank has discontinued the sale of new film funds from VIP Medienfonds, the country's most successful private investment film financier, following a report highlighting the company's dramatic profit shortfalls last year."
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While German Chancellor Gerhard Schroeder has already indicated his desire to end the availability of tax credits that have driven German money into Hollywood, Commerzbank has essentially shut down VIP's ability to fundraise, at least for the time being, as it has been estimated that Commerzbank provided 75% of the capital raised by VIP last year.
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