‘BRAVEHEART’ BANKER

As a close confidant and consultant to producer Bruce Davey and as Mel Gibson’s personal banker for many years, I feel compelled to clear up several misconceptions regarding the budget and financing for “Braveheart” (Film Clips, May 21).

It is true that the production budget was approximately $56 million before Mel deferred his acting salary of $15 million and director salary of $2.5 million, but Bruce and co-producer Alan Ladd Jr. did not have to defer their salaries.

Because this picture is an Icon production (Mel and Bruce’s production company), the two studios involved only paid a set fee to acquire the rights for their respective territories. The producers structured the distribution deals and, with my assistance, arranged the financing through outside banks. Paramount only paid $17.5 million for all North American distribution rights and 20th Century Fox only paid $36 million for all international rights.

You keep emphasizing how much risk the studios have incurred by entrusting Mel Gibson with that much money, but don’t forget that there was a completion bond from International Film Guarantors for the production budget and Paramount and Fox only had to pay upon delivery of the completed picture. I am certain they both felt that worldwide box-office star Mel Gibson was worth the risk.

IRENE M. ROMERO

Republic Bank

Beverly Hills