stroock and stroock, llp. >> good morning, chairman boswell and members of the committee. i'm here in my role as academic not as a partner of at stroock, stroock and lavan i'm an adjunct professor of ucla graduate & der son business school. i'm a author of book called the biz, financing of film industry and the taxation of the film industry. plead guilty starting this entire concept in article i wrote seven years ago about this precise concept, about, structuring investment based on box-office results. it is my belief, that this is an absolutely standard, run-of-the-mill, necessary technique for film financing. it is the next step in a long evolution. and i think the first thing to, i want to just get out of the way is, every investment in film is gambling. studios gamble. investors gamble. that's the industry. we all accept that. it is legal. that's just film is gambling. so we sudden put that beyond this. second, the studios have hedged film risk for 30 years. that is what i do as a living. coproductions. split right transactions. presales. slate financing. the last eigh