The Hollywood Reporter Trade Magazine - November 1, 1991
Duvall, Mastersons setting up
Texas-centered pic partnership
Written by Robert Marich
A group of Texan movie executives, including actress-producer Shelley Duvall, have formed a limited partnership that intends to raise between $8 million and $35 million to fund feature films.
The entity, Yellow Rose Cinema Group L.P., is soliciting a handful of large investors for its funding, said Barry Capece, an attorney and Texas-based film-TV producer who will be a manager of the fund.
Other creative figures involved in the fund, besides Duvall, are director Peter Masterson, who directed the film ''The Trip to Bountiful,'' and his daughter, actress Mary Stuart Masterson.
Duvall, a native Texan who produces TV and film projects through her Los Angeles-based Think Entertainment, said Yellow Rose is designed to provide funds for worthy film projects that can be produced economically in Texas.
''It's an entity that you can use to develop a project without necessarily having to pre-sell distribution rights, which is attractive,'' said Duvall.
The fund will go forward if it raises at least $8 million. Its ultimate goal is $35 million. A nine-person advisory board would select motion picture projects that would receive up to $6.5 million each, said Capece. Yellow Rose would be revolving, in that a portion of income would be reinvested.
''The idea is to share production costs (with third parties) or, alternatively, cut a deal with a distributor for releasing costs,'' said Fred Kuehnert, a producer who is on Yellow Rose's advisory board.
The backers include principals of Panda Entertainment Group, which operates a three-soundstage production facility in Houston. Yellow Rose's first project would be Panda's animated feature ''Happily Ever After,'' which is based on the public domain Snow White character.
Houston-based law firm Andrews & Kurth is an adviser and Deloitte Touche is its auditor.