The plot: Executives for a certain film studio dream about issuing a new investment vehicle to finance their siege upon the entertainment industry. Yet despite the most notorious cast of characters in the business - Steven Spielberg, Jeffrey Katzenberg and David Geffen - structurers managed to tame the beast of insolvency issues, paving the way for rating-managed risk for Hollywood's new war chest vehicle and, inadvertently, "Shrek."

Such was the story that unfolded before the audience at Standard & Poor's New Assets Halloween Hot Topic Conference, where a case study of DW Funding LLC, a special purpose entity (SPE) for entertainment behemoth Dreamworks, captivated attendants with silver screen tidbits and issues of true sale versus licensing.

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