Producer aims to fill gap with 120db
NEW YORK — Stephen Hays, hedge fund vet and exec producer on the Sundance competish pic “Loggerheads,” has formally launched film finance banner 120db Films, which aims to provide gap financing to pics budgeted up to $25 million.Outfit was a financier on “Loggerheads,” which debuts Friday in Park City, as well as Lions Gate’s “Dark Ride,” starring Jamie Lynn DiScala. New unit has also backed projects including Curb Entertainment’s “Drop Dead Sexy,” starring Crispin Glover, and Urban Entertainment’s animated films “Beanstalk in Brooklyn” and “The Golden Blaze.” A former head of fund Seneca Capital, Hays runs Gotham-based 120db with partners Roger Mende and David Pink. Moniker refers to the level of pressure when sound becomes painful to the human ear. “We want to help finish films with a low-risk profile, and help producers make their statement,” said Hays. ” We have a traditional gap model that’s very similar to what the banks do.” Hays said 120db’s coin is tapped through hedge funds. The banner is putting together gap finance deals on a number of international co-productions.