And that, my friends, is exactly what happened.īy the summer of 2007, the Big Five had collectively borrowed so much money that when it came to re-deploying it into earning assets, they had pretty well satiated the pool of normal, creditworthy borrowing demand. (And, by the way, you still owe the other $29). Now one does not have to go to the Harvard Business School to do this simple math (actually, plain-vanilla arithmetic will do): if you have $1 in equity and you borrow another $29 to purchase a total of $30 worth of anything**, and if the value of whatever it is you are buying declines by just three percent**, your $1 in equity is wiped out. So what did the Big Five do after the SEC gave them the green light? They promptly levered up 30 and 40 to 1 and used the borrowed money to multiply their assets like rabbits. What the SEC apparently failed to seriously consider, however, was that their decision would result in an explosion in the amount of borrowed money (‘leverage’) the Big Five were shortly about to take on – along with an exponential explosion in the amount of assets they would then buy and add to their balance sheets. The Big Five convinced the SEC commissioners and staff that they had sophisticated computer models which could be used to more efficiently monitor and control risk. (In other words, $1 would allow them to buy roughly $13 worth of assets the other $12 would be borrowed money – hence the term ‘leverage’). Until then, SEC-regulated broker-dealers could borrow no more than $12 for each dollar of equity. This is a big deal for Star Wars fans who have been following this project for years.The real blame for the worst financial crisis since the Great Depression lies squarely with the SEC, which on April 28, 2004, acceded to pleas from the Big Five investment banks (Goldman Sachs, Morgan Stanley Merrill Lynch Lehman Brothers, and Bear Stearns) to relax net capital rules which applied to their broker-dealer units. The result is a film that may be more subjective than definitive, but that offers a fascinating and often superior experience to the official releases and many of the existing fan edits. The color grading has also been adjusted, along with certain fixes for continuity errors. This is an interpretation of Empire Strikes Back that attempts, as much as possible, to stay true to the original film while “fixing” many of the effects. You can check out an extensive list of changes if you’re curious. The aim is to produce something that’s closer to “what the special editions should have been,” according to the official page.

How as all this done? New models were created for this version of the film, with certain shots “upgraded” significantly using a variety of methods. The Revisited releases differ from the Despecialized Editions in that the goal isn’t just to get as close to the original versions of the film as possible, but to improve them using original photography and effects work. The Adywan fan-edit of Star Wars: Episode V The Empire Strikes Back is finally available, although you may have to jump through a few hoops to track it down.

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