THE "PLACE TO BE" DOSSIER

1. Executive Summary

This memorandum serves as the definitive studio-grade analysis and greenlight determination for the proposed motion picture project "Place To Be". The project is presented as a high-prestige, character-driven road drama directed by the internationally acclaimed Kornél Mundruczó, written by Kata Wéber, and starring the legendary Ellen Burstyn alongside Taika Waititi. The narrative concerns the unlikely companionship between an elderly widow and a middle-aged man transporting a racing pigeon from Chicago to New York. The production is structured as an international co-production, physically producing in New South Wales, Australia, to utilize the 30% Federal Location Offset, while utilizing virtual production technology (Volume Stage) to replicate the United States setting.

The Greenlight Committee has undertaken a forensic review of all attached materials, including the screenplay (dated April 2025), the global budget (V11, dated June 2025), the distribution prospectus, and the background of key principals. The proposed production budget stands at 28,461,728 AUD (approximately 18.5M USD), positioning the film in the perilous "mid-budget" sector that has seen significant market contraction in the post-2024 theatrical landscape.

Investment Thesis:

The project represents a high-ceiling critical asset positioned to capitalize on the "prestige adult drama" market, leveraging a potential 2026 Cannes Film Festival premiere as a primary valuation inflection point. The creative packaging aligns a director with a proven history of streaming sales (Mundruczó’s Pieces of a Woman sold to Netflix for ~$10M) with a cast that offers a unique marketing hook: a potential "swan song" performance by an EGOT-calibre actress (Burstyn) paired with a commercially vibrant, younger co-star (Waititi). Financially, the exposure is materially mitigated by the aggressive use of Australian soft money, specifically the Location Offset, which reduces the net equity requirement significantly relative to a US-based shoot.

Critical Risk Vectors:

However, the Committee has identified Severe Execution and Compliance Risks that threaten the viability of the investment:

• Insurability of Key Talent: At 92 years of age, Ms. Burstyn falls outside standard actuarial tables for cast insurance. The probability of a "Stop Loss" exclusion or a prohibitive deductible for death/disability is near 100%, necessitating a cash escrow that could immobilize up to 20% of the production's liquidity.
• Producer Counterparty Risk: Lead producer Alexander Rodnyansky (AR Content) is currently sentenced in absentia to 8.5 years in prison by the Russian Federation and designated a "foreign agent". While he acts as an advisor to President Zelensky and is not sanctioned by OFAC or the EU, his complex legal status creates elevated "Know Your Customer" (KYC) friction for completion bonders and senior lenders, potentially stalling closing.
• Aesthetic & Technical Risk: The decision to double Sydney for Chicago and New York using heavy Visual Effects (11% of budget) and Volume technology creates a high risk of "uncanny valley" artificiality, which could undermine the gritty realism required for the genre.

Determination:

The Committee recommends a CONDITIONAL GREENLIGHT, subject to the stringent satisfaction of "Conditions Precedent" regarding insurance bonding and visual proof-of-concept, detailed in Section 7 of this report.

2. Creative Due Diligence: The Package

2.1 Script & Narrative Analysis

The screenplay, authored by Kata Wéber with a polish by David Edelstein, presents a narrative that oscillates between morbid existentialism and oddball character comedy. It is not a standard "feel-good" road movie; rather, it is a complex examination of mortality, legacy, and the concept of "expendability."

Narrative Mechanics and Tone:

The story opens in a stifling heatwave in Chicago, establishing a tone of oppression and decay. We are introduced to Brooke Graham (Burstyn), a woman who visits her husband's grave and moves through the world with "light steps, as if invisible". The narrative inciting incident—the rescue of a pigeon ("The Intruder") from a hysterical neighbor—serves as a metaphor for Brooke's own desire for liberation from her "cage." The script’s dialogue is sharp and often cynical. For instance, during a tense anniversary dinner, Brooke recounts the anthropological practice of the Kaulong people, who strangled widows so they could accompany their husbands into the afterlife—a chilling metaphor for her children's desire to move her into "Sunrise Bay," a luxury retirement home they view as a waiting room for death.

The script risks alienating the core "heartwarming" demographic (typically older women) through its embrace of the macabre. Scenes describing the "smell of dying and rotting flowers" and the bird staring "like Edgar Allan Poe" suggest a tone closer to European arthouse horror than Driving Miss Daisy. The polish by Edelstein likely aimed to soften these edges, but the underlying DNA of the project remains deeply melancholic. This tonal ambiguity is a commercial risk: films that straddle the line between "uplifting" and "depressing" often struggle to find a coherent marketing message. However, if executed with Mundruczó's signature "unflinching modernism," it could transcend the genre, much like The Father transformed a dementia drama into a psychological thriller.

Character Dynamics:

The dynamic between Brooke and her children, Ron and Molly, is transactional and cruel. Ron, a hedge fund analyst facing financial ruin, views his father's art collection merely as a "big fat dollar sign". This conflict drives the plot, forcing Brooke onto the road with Nelson (Waititi), a "discombobulated" real estate agent. Nelson is written as a foil to Brooke’s stoicism—he is chaotic, recently divorced, and prone to "manic" energy. The success of the film hinges entirely on the chemistry between these two. If Nelson’s character is played too broadly, it will clash with the somber reality of Brooke’s situation. If played with depth, it could provide the necessary levity to make the film commercially viable.

2.2 Directorial Vision & Pedigree

Kornél Mundruczó is a director of significant international repute, described in the pitch deck as a "5x Cannes laureate". His creative signature involves high-concept realism and technical bravado—most notably the 24-minute single-take birth scene in Pieces of a Woman and the canine choreography in White God.

Relevance to Project:

Mundruczó’s involvement signals that Place To Be will not be a visually flat, dialogue-heavy drama. He brings a cinematic muscularity that justifies a theatrical release. His track record with streaming sales is also a key financial asset; Pieces of a Woman was acquired by Netflix for approximately $10 million following its Venice premiere. This precedent provides a tangible "floor" for the film’s valuation—buyers know he delivers a finished product that sustains high engagement and critical conversation. However, transferring his style to a virtual production environment (Volume Stage) is an untested variable in his filmography. His reliance on practical effects and visceral reality may clash with the sterility of LED walls if not managed perfectly.

Writer Kata Wéber:

Wéber, Mundruczó’s frequent collaborator, writes with a raw intensity that often draws from personal trauma (as seen in Pieces of a Woman). Her scripts are noted for their strong female protagonists but have occasionally been criticized for structural looseness in the later acts. The collaboration with David Edelstein suggests a studio intervention to ensure the script adheres to a more conventional, audience-friendly structure suitable for the American market.

2.3 Cast Valuation & Risk Profile

Ellen Burstyn (Brooke):

Burstyn is an industry icon. At 92, her casting is explicitly positioned as an "event"—potentially her final leading role. This narrative was successfully deployed for Robert Redford (The Old Man & the Gun) and Glenda Jackson (The Great Escaper). Her performance in Pieces of a Woman was widely praised, earning an Oscar nomination and proving she can anchor a Mundruczó film.

• Commercial Value: High for prestige, awards positioning, and older demographics.
• Actuarial Risk: Extreme. The likelihood of a medical event delaying or halting production is statistically significant. (See Section 6 for Insurance Analysis).

Taika Waititi (Nelson):

Waititi brings global name recognition and appeal to a younger, cooler demographic that would otherwise ignore a geriatric drama. However, his brand is currently volatile. His directorial effort Next Goal Wins (2023) was a commercial and critical disappointment, grossing only $18.6 million worldwide against a $14 million budget. Critics noted a "laziness" in his recent work. As an actor, he is often typecast as the "wacky sidekick." This role requires him to ground his performance in genuine pathos. If he succeeds, it rebrands him as a serious actor; if he fails, he risks unbalancing the film.

Supporting Cast:

The casting of Pamela Anderson is a strategic coup. Following her career revitalization in The Last Showgirl and her documentary, there is immense goodwill and curiosity surrounding her dramatic work. Lena Waithe and Murray Bartlett (The White Lotus) add substantial indie credibility and texture to the ensemble.

3. Production Feasibility & Budget Forensics

The Greenlight Committee has analyzed the Global Budget (V11) dated June 19, 2025. The grand total is 28,461,728 AUD (~18.5M USD). This budget level is high for an independent drama, necessitating rigorous scrutiny of the allocation of funds.

3.1 Budget Structural Analysis

The budget is heavily weighted towards "Below-the-Line" (BTL) costs, which total 23,521,534 AUD. This indicates that the money is "on the screen" rather than being absorbed by excessive talent fees, which is a positive indicator for production value.

Key Line Item Concerns:

3.2 The Location Strategy: Australia vs. USA

The film is narratively set in Chicago, New York, and the American Midwest but is physically filming in Sydney, Australia.

The Financial Rationale:

The decision is driven by the Australian Location Offset, which was raised to 30% for eligible productions starting principal photography after July 1, 2023. Assuming a Qualifying Australian Production Expenditure (QAPE) of ~22M AUD, the rebate would yield approximately 6.6M AUD. This creates a massive piece of the finance plan (approx. 23% of the total budget) that does not need to be recouped from sales, significantly lowering the breakeven point for equity investors.

The Aesthetic Risk:

Sydney does not look like Chicago or the American Midwest. The light, the flora, and the architecture are distinct. The production plans to mitigate this using the Volume Stage for driving scenes and controlled exteriors.

Volume Technology: While effective for sci-fi, using LED volumes for realistic road dramas is perilous. If the lighting on the actors does not perfectly match the plate photography on the screen, the result looks like "rear projection," breaking immersion. The UCLA report on virtual production notes that while it saves travel costs and carbon emissions, it requires a highly specialized crew and significant pre-production time to build digital assets.

Conclusion: The studio must require a "screen test" of the Volume content prior to full greenlight to ensure the "American" look is convincing. If the film looks cheap or artificial, its value in the marketplace will plummet.

3.3 Virtual Production: The Volume Stage Variable

The allocation of 1.7M AUD for the Volume Stage suggests a significant portion of the film (likely the car travel sequences) will be shot indoors. This is a strategic move to protect Ellen Burstyn from the rigors of location shooting and weather, which is a prudent safety measure. However, it shifts the burden to the Art Department (allocated 869,828 AUD) and VFX to create a believable world. The "Unreal Engine" assets must be photo-real. The budget for "Construction" (733,765 AUD) suggests physical sets will be built to blend with the digital extensions. This hybrid approach is cost-effective but technically demanding.

4. Counterparty Risk & Compliance

A rigorous due diligence process has highlighted significant complexities regarding the lead producing entity, AR Content, and its principal, Alexander Rodnyansky.

4.1 The Alexander Rodnyansky Situation

Alexander Rodnyansky is a prominent Ukrainian-born producer (Leviathan, Loveless) who previously operated major media assets in Russia (CTC Media). Following the 2022 invasion of Ukraine, he became a vocal critic of the war.

Legal Status:

In October 2024, a Moscow court sentenced Rodnyansky in absentia to 8.5 years in prison for spreading "fake news" about the Russian army. He has also been designated a "foreign agent" by the Russian Ministry of Justice.

Sanctions Analysis:

• Western Sanctions: Rodnyansky is NOT sanctioned by OFAC (USA), the UK Treasury, or the European Union. To the contrary, he is politically aligned with Western interests, serving as an economic advisor to President Zelensky and advocating for sanctions against Russia.
• Banking Compliance: Despite his lack of Western sanctions, his status as a "Politically Exposed Person" (PEP) and his criminal conviction in Russia will trigger Enhanced Due Diligence (EDD) protocols at Western financial institutions. Banks may hesitate to process transfers involving his entities to avoid any inadvertent interaction with frozen Russian assets.

Risk Mitigation:

The production must provide a legal opinion letter certifying the "clean" source of funds for AR Content’s equity contribution. It must be proven that no funds are originating from Russia or sanctioned entities. The fact that he "left the country forever" and cut ties supports his independence, but forensic accounting is required.

4.2 Production Partners & Corporate Structure

The co-production structure provides stability:

• S'YA Concept (Natalya Pavchinskaya): Singapore/Indonesia-based entity with a proven track record (Monkey Man, Hotel Mumbai). Monkey Man grossed $35M worldwide on a $10M budget. Involvement provides a "clean" channel for Asian capital and operational stability, insulating the project from Rodnyansky’s geopolitical baggage.
• Onion Media Group (Jomon Thomas): Expertise in cross-cultural production (The Man Who Knew Infinity) and Australian physical production.

5. Market Analysis & Commercial Viability

5.1 The Post-2025 Theatrical Landscape

The theatrical market has fundamentally shifted. Attendance for non-event films has dropped by nearly 40% compared to 2019 levels. Audiences for "adult dramas" have largely migrated to streaming platforms, with 75% of US adults preferring to stream new releases. The "Mid-Budget" Trap is real: films in the $15M-$20M range are in the most dangerous segment. They are too expensive for a niche arthouse release but lack the spectacle for a blockbuster marketing spend.

However, films that achieve "event" status through awards buzz or unique casting can still break out. One Life (2024), starring Anthony Hopkins, grossed over $56M worldwide, proving that the older demographic will turn out for a high-quality, star-driven drama.

5.2 Comparative Title Performance (Comps)

Market Implications:

• Theatrical Ceiling: With acclaim and awards buzz, a global box office of $30M - $40M is achievable, mirroring One Life.
• Theatrical Floor: If mixed reviews or the "Volume" look fails, risks performing under $10M globally.
• Streaming Value: Pieces of a Woman $10M sale is a key data point. Place To Be has a budget nearly double that amount ($18.5M). Straight streaming sale might not cover budget without strong international pre-sales.

5.3 Distribution Strategy Review

Proposed strategy relies on a Cannes 2026 World Premiere to drive "pricing tension". Cannes is the correct launchpad for Mundruczó. Sales Agents (WME/CAA) are top-tier. However, reports from 2025 Market indicated buyers were pickier. Strategy of relying on post-premiere bidding is high-risk. Securing MGs for key territories (Germany, France, UK) prior to completion would be safer.

6. Financial Projections & Risk Mitigation

6.1 Insurance & Bonding: The "Essential Element"

The most acute risk is Ellen Burstyn’s age (92). Standard Completion Bonds almost certainly exclude abandonment due to death/disability of lead over 85. Specialized "Essential Element" coverage premiums can be 10-15% of the limit. If insurance is unavailable, Studio must mandate a cash escrow of $2.5M USD to cover potential reshoots. Cash must be deposited before bond closes.

6.2 Financial Modeling & Scenarios

Assuming a budget of $18.5M USD (Soft Money Aust. Offset ~$4.5M USD, Net Equity Requirement ~$14M USD):

• Scenario A: Theatrical Breakout: Global BO $45M. Net Rentals $18M. Streaming $10M. Outcome: PROFITABLE. Recoupment + 20%.
• Scenario B: Streaming Acquisition: Global buyout $15M. Soft Money $4.5M. Outcome: BREAKEVEN / SMALL PROFIT.
• Scenario C: Commercial Failure: BO $8M. Rentals $3.2M. Ancillary $4M. Total Rev $11.7M (inc Tax Credit). Outcome: LOSS (20-30%).

6.3 Currency & Tax Credit Integrity

Budget in AUD, Sales in USD. Forecast range 0.63-0.71 in 2026. Strengthening AUD increases USD cost. Mitigation: Execute a currency hedge (forward contract) to lock exchange rate.

7. Final Greenlight Determination

The project Place To Be is a classic "prestige gamble." Artistic ingredients for awards + commercial packaging (Star Power). Australian Location Offset subsidizes the risk. Volume technology is creative but introduces aesthetic risk.

Conditions Precedent (CPs) to Release of Funds:

1. Insurance Cure: Binding Cast Insurance policy or $2.5M USD cash escrow for Ellen Burstyn.
2. KYC/AML Clearance: Legal opinion certifying AR Content’s funds compliant with all sanctions/regulations.
3. Volume Test: Screen test approved by Studio for visual fidelity of "American" setting.
4. Currency Hedge: Forward contract locking AUD/USD exchange rate.
5. Provisional Certificate: Receipt of Certificate for 30% Location Offset eligibility.

Strategic Recommendation:

GLC recommends proceeding provided Insurance Cure is met. Upside of Academy Award contender with "legendary" performance outweighs risk. Prioritize Platform Release but remain agile for global streaming sale if Cannes reception is mixed.

Legal Disclosure & Compliance