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financial_review_findings [2017/01/14 18:41] – created Carlos Pedraza | financial_review_findings [2018/10/23 15:43] (current) – [Committee Setup] added tahg Carlos Pedraza | ||
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- | ====== Peters Predicts Redemption by Financial Review ====== | + | <WRAP rightalign> |
+ | {{: | ||
+ | </ | ||
+ | < | ||
+ | // | ||
+ | </ | ||
+ | ====== Committee Reviews Only Part of Axanar' | ||
+ | **// | ||
+ | {{TOC}} | ||
+ | < | ||
+ | //**__ __**// <wrap lo>**By [[user> | ||
+ | </ | ||
- | ==== The Right Expertise ==== | + | <wrap lo>Read Part 1: // |
- | Santiago's resignation, | + | Amid questions about the independence of Axanar' |
- | ==== Review Committee Setup ==== | + | <wrap lo>//See also: [[bailey_committee# |
- | The formation of the committee was announced on Axanar' | ||
- | * Was required to sign non-disclosure agreements. | ||
- | * Was not paid for its review. | ||
- | * Met for one day with Peters in Los Angeles. Santiago said he was not present for that meeting. | ||
- | * Communicated via conference calls and email in compiling the forthcoming report. | ||
- | * Sent clarification questions by email to Peters. | ||
- | * Agreed to have Rubio take the lead in drafting the report. | ||
- | === Disputed Report Release | + | ===== 'No Shenanigans' |
- | Yau said Peters | + | Meanwhile, producer [[Alec |
- | Despite not having seen the as-yet unfinished report, Peters also sounded confident | + | The two studios, together |
- | > | + | Though the committee' |
- | ===== 'No Shenanigans' | + | <WRAP right box 50%> |
+ | [{{ :: | ||
+ | < | ||
+ | //**__Ties to Axanar__**// | ||
+ | </ | ||
+ | <wrap lo>< | ||
+ | <wrap indent> • **Cedric Yau**, a Broadway producer and financial analyst, who had donated $10,000 to Axanar.</ | ||
+ | <wrap indent> • **Milton Santiago**, the cinematographer for //Prelude to Axanar// who was slated as the director of photography for // | ||
+ | <wrap indent> | ||
+ | </ | ||
- | ===== Not the Whole Picture ===== | + | ==== Fundamental Flaws ==== |
- | It became evident | + | However, it turned out the committee' |
+ | * Peters limited | ||
+ | * Some members' | ||
+ | * Some donors complained their money couldn't have been well spent if $1.4 million wasn't enough to produce the film they were promised. | ||
- | Alec's quote about just donor dollars | + | === Only Part of the Picture === |
- | $150, | + | Despite the voluminous amount of financial records they were provided, Peters did not charge the committee to review all of Axanar Productions' |
+ | |||
+ | == Donor Funds == | ||
+ | |||
+ | Peters portrayed the purpose of the committee' | ||
+ | |||
+ | ---- | ||
+ | < | ||
+ | //**__« Independent means they are not employees. And since we have no employees, these people are independent. »__**// — //Axanar producer Alec Peters// | ||
+ | </ | ||
+ | |||
+ | Left unspoken in Peters' | ||
+ | |||
+ | > The donor financials are a subset of the overall financials. The overall financials represent every dollar spent on Axanar Productions, | ||
+ | |||
+ | That distinction wasn't made when Peters announced the review in November 2016, calling it "a group of industry professionals and donors, to review the financials and report back to the entire donor base." | ||
+ | |||
+ | [{{ : | ||
+ | |||
+ | == $150,000 Still Undocumented == | ||
+ | |||
+ | So even with all his publicity about the independent review, it turns out that Peters' | ||
+ | |||
+ | Asked whether he'd seen any record of the $150,000, committee member Yau said, " | ||
+ | |||
+ | === Committee' | ||
+ | |||
+ | Peters had provided no further information about the committee' | ||
+ | |||
+ | Independence was a high priority for Rubio, however, who stated: | ||
+ | |||
+ | > We truly are independent, | ||
+ | |||
+ | ---- | ||
+ | < | ||
+ | // | ||
+ | </ | ||
+ | |||
+ | == Defining Independence == | ||
+ | |||
+ | While Peters himself said he defined ' | ||
+ | |||
+ | <WRAP right round important 50%> | ||
+ | <wrap lo>< | ||
+ | </ | ||
+ | |||
+ | In fact, in his announcement of Santiago' | ||
+ | |||
+ | == Bias == | ||
+ | |||
+ | The possibility he might not be perceived as truly independent was one reason cited by Santiago for his resignation: | ||
+ | |||
+ | > I came to the conclusion that my participation in Axanar … albeit below the line and specific, could be viewed as a conflict of interest. | ||
+ | |||
+ | <wrap lo>Read: //[[milton statement|Milton Santiago' | ||
+ | |||
+ | === The Right Expertise === | ||
+ | |||
+ | Santiago also stated that even as a filmmaker with two decades' | ||
+ | |||
+ | > I did not judge myself qualified to complete the requested task. … I found that there were many other areas and line items that I simply did not know enough about to assess the documents competently. | ||
+ | |||
+ | More than one of the committee members wondered why an actual accountant wasn't conducting, or at least participating in, the review. | ||
+ | |||
+ | == Conclusions == | ||
+ | |||
+ | Though the report has not yet been drafted, Yau pronounced himself satisfied "from a major donor standpoint" | ||
+ | |||
+ | Having seen much of the visual effects work for //Axanar//, Yau said he remained optimistic the film would eventually be made. He praised Peters' | ||
+ | ===== Disputed Report Release ===== | ||
+ | |||
+ | Yau said Peters had not yet seen a report draft. More than one committee member was surprised to hear Peters publicly announced the report would be released the following week. "We are … working on our own timeline NOT [Axanar' | ||
+ | |||
+ | Even Axanar spokesman Mike Bawden said Peters' | ||
+ | |||
+ | > There' | ||
+ | |||
+ | ===== Committee Setup ===== | ||
+ | |||
+ | The formation of the committee was announced on Axanar' | ||
+ | * Was required to sign non-disclosure agreements. | ||
+ | * Was not paid for its review. | ||
+ | * Met for one day with Peters in Los Angeles. Santiago said he was not present for that meeting. | ||
+ | * Communicated via conference calls and email in compiling the forthcoming report. | ||
+ | * Sent clarification questions by email to Peters. | ||
+ | * Agreed to have Rubio take the lead in drafting the report. \\ | ||
+ | {{: | ||
- | Yau "He did an excellent job of not commingling." | + | ---- |
+ | <wrap right> |