Thanks to the mortgage crisis, the private equity money that flooded Hollywood in recent years has dried up. This also affects indies. The New York Times profiles one would-be filmmaker who seemed to have everything in place:

Mr. Sanghoee saw the movie version as a $5 million to $7 million indie with broad appeal, maybe attracting a star like Jake Gyllenhaal.

But so many hedge funds and private equity investors wanted to sink money into the project that Mr. Sanghoee, himself holding down a day job at a New York hedge fund, pushed the needle higher. Soon the budget had tripled to $15 million. In October, he decided against a fund-raising trip to Dubai. “We don’t even need it now,” he said in an interview at the time.

The True Story of a Script, Big Dreams and Vanishing Private Equity