);
}
// framing-banner helper shared by the class sections
const LB = (tone, label, text) => (
{label}{text}
);
const LPillars = (pillars) => (
{pillars.map((p, i) => (
{p.t}{p.d}
))}
);
function SubjectSection() {
const proof = [
["2024", "Orlando 75.3M visitors (+1.8% YoY) — #1 US destination", "V"],
["May 2025", "Universal Epic Universe opened on I-Drive — corridor proven", "V"],
["FY2024", "United Parks 40.6% adj. EBITDA margin — peer benchmark", "V"],
["2019", "Lionsgate park operating in Hengqin, China; Orlando rights unverified", "U"],
];
const scope = [
["Theme park", "core attraction — coaster ‘topping 500 ft’ (builder in Ch.11 · G-03)"],
["450-key hotel", "notes cite a 350-room approval — 28% gap (X-04)"],
["13-acre site", "six assembled parcels — Skyplex assembly, listed for sale (G-01)"],
];
return (
Site & Program
{LB("warn", "pre-development", "Site assembled, nothing built — the program is a plan. Land control and the coaster vendor are open (G-01 · G-03).")}
{LPillars(LD.subject.pillars.slice(0, 2))}
{lrMono("build scope funded by the raise", { display: "block", marginBottom: 8 })}
{scope.map(([k, v], i) => (
{k}{v}
))}
→ Cost build-up & phasing live under Underwriting · Cost & Phasing.
Brand & Demand
{LB("warn", "demand verified · brand unverified", "Orlando demand is URL-verified; the Lionsgate Orlando license is not evidenced (G-02).")}
{LPillars(LD.subject.pillars.slice(2, 4))}
{lrMono("proof milestones · dated events that make the premise real", { display: "block", marginBottom: 8 })}
{proof.map(([when, what, c], i) => (
{when}{what}
))}
);
}
function InstrumentSection() {
const TERMS = [
["headline raise", "$850M", "staging recommended"],
["equity tranche", "~$299M", "tokenized · 40%"],
["senior debt", "$448.4M", "60% LTC · 7.2% all-in"],
["development cost", "$747.5M", "$497.5M + $250M land"],
["cost-vs-raise gap", "~$102.5M", "unbridged (X-09 · G-06)"],
["issuer SPV", "undisclosed", "series structure TBD (G-04)"],
];
const exemptions = [
{ id: "EX-506c", reg: "Reg D · Rule 506(c)", offering: "US accredited tranche", rows: [["audience", "US accredited only"], ["solicitation", "general solicitation permitted"], ["verification", "‘strict KYC/AML’ — no provider named"], ["filing", "Form D ≤15 days after first sale"]] },
{ id: "EX-regS", reg: "Reg S", offering: "Offshore tranche", rows: [["audience", "non-US, non-resident"], ["solicitation", "offshore — no directed US selling"], ["compliance", "40-day distribution-compliance period"], ["filing", "no SEC filing (offshore)"]] },
];
const instrument = [
["Form", "Tokenized equity — issuer SPV (undisclosed · G-04)"],
["Lockups", "US 12-mo / Reg S 40-day — unspecified in deck"],
["Transfer", "Smart-contract enforced"],
["Secondary", "‘Continuous’ asserted — no ATS / venue named (Q)"],
["Counsel", "Anderson Kill P.C. (Hon. Louis L. Nock, Ret.)"],
];
const lifecycle = [
["T0", "Form issuer SPV", "series structure for the ~$299M tranche (G-04)"],
["T1", "KYC / accreditation", "506(c) verification + Reg S eligibility before any sale"],
["T2", "Issue", "Reg D + Reg S tranches on one instrument"],
["T3", "Secondary", "gated on a named ATS / transfer agent (G-05)"],
];
return (
Capital Stack & Terms
{LB("neutral", "the raise as proposed", "$850M headline; the tokenized equity tranche is ~$299M (40%) of a $747.5M development stack.")}
Cost methods reconcile internally; the missing bridge from cost to raise is ~$102.5M of interest, issuance and reserves (G-06).
Structure & Rails
{LB("neutral", "one instrument · two exemptions", "Reg D 506(c) (US accredited) + Reg S (offshore) around the ~$299M tokenized equity tranche.")}
Method spread ($551.5M / $594.9M / $747.5M) reflects different bases — not a contradiction; the cost→raise bridge is (X-09).
{lrMono("use of proceeds · to the $747.5M estimate", { display: "block", marginBottom: 10 })}
{uses.map(([k, w, amt]) => (
{k}{w}% · {amt}
))}
Revenue Drivers
{LB("neutral", "hypothesis · model targets", "Attendance × per-cap is the revenue line; model per-caps run ~70% above the deck’s own cited benchmark (X-08).")}
Returns & Scenarios
{LB("neutral", "hypothesis · sponsor projections", "The 34.7% levered IRR rests on the per-cap premium (X-08) and a 12.0x exit multiple (X-06).")}
This brief is generated from {L.KB.length} classified facts across {srcIds.length} sources, each fact citing exactly one source. {verified.length} facts are cross-checked against the external research citations below; the rest trace to the SAXCAP pitch deck and embedded financial model.
SRC[id].kind === "web").length + " external research citations"}>Citation registry
{srcIds.map((id) => {
const s = SRC[id];
return (
{lrMono("open the full evidence layer")}
{[["knowledge base", "kb"], ["knowledge graph", "graph"], ["entity registry", "entity"], ["workflow", "workflow"]].map(([label, route]) => (
))}
)}
Classifications: V verified · P self-reported · A assumption · H hypothesis · Q questionable · U unknown.
);
}
// class-specific section under a non-native asset class → the real
// instantiated structure (sub-sections + card archetypes) from the
// Report Schema, each card bound to the workflow step that fills it.
const STEP_SHORT = { parse: "parse", extract: "extract", kb: "KB", kg: "graph", background: "background", crosscheck: "cross-check", market: "market", gaps: "gaps", compose: "compose", review: "review", publish: "publish" };
function LensTemplate({ lens, slot }) {
const prof = PROFILES[lens];
const meta = prof.sections[slot];
const SCHEMA = window.REPORT_SCHEMA;
const cls = ((SCHEMA && SCHEMA.ASSET_CLASSES) || []).find((c) => c.id === lens);
const sec = cls && cls.sections[slot];
return (
{meta.label}
{prof.glyph} {prof.name} classThe {prof.name}-class sections — the subject, instrument and model for this asset class, each fact sourced from the Knowledge Base.
{sec ? sec.subs.map((sub) => (
{sub.id}{sub.label}
{sub.cards.map(([type, def, step], i) => (
{type}{def}← {STEP_SHORT[step] || step}
))}
)) :
Report Schema not loaded.
}
);
}
// ── shell ──────────────────────────────────────────────────────────
function LionsgateReport({ proj, tenant, go, standalone }) {
// asset class is a fixed PROJECT property (set by window.AssetClass), not a
// free toggle — the report frames itself to the project's class, period.
const lens = window.AssetClass ? window.AssetClass.of(proj) : "realEstate";
const [section, setSection] = useState("thesis");
const prof = PROFILES[lens];
const isNative = lens === "realEstate"; // Lionsgate is the populated RE instance
const classSlot = (s) => s === "subject" || s === "instrument" || s === "underwriting";
let body;
if (section === "thesis") body = ;
else if (section === "diligence") body = ;
else if (section === "readiness") body = ;
else if (section === "sources") body = ;
else if (!isNative && classSlot(section)) body = ;
else if (section === "subject") body = ;
else if (section === "instrument") body = ;
else if (section === "underwriting") body = ;
return (
);
}
window.LionsgateReport = LionsgateReport;
// ── citation registry (G7) from L.SRC — facts cited + metadata ─────
const lgUsage = {}; L.KB.forEach((f) => { lgUsage[f.source] = (lgUsage[f.source] || 0) + 1; });
const lgRegistry = Object.entries(L.SRC).map(([id, sd]) => ({
id, kind: sd.kind, name: sd.name, facts: lgUsage[id] || 0, origin: sd.file, url: sd.url,
rel: sd.rel, tier: sd.tier, version: sd.version, author: sd.author, dept: sd.dept, loc: sd.loc, related: sd.related,
uploaded: sd.uploaded, parsed: sd.parsed,
}));
// ── register Lionsgate's payload with the universal shell ──────────
window.INTEL_REPORTS = window.INTEL_REPORTS || {};
window.INTEL_REPORTS["lionsgate"] = {
classId: "realEstate",
version: "v2.1",
asOf: "18 Jun 2026",
digest: {
prev: "v2", asOf: "18 Jun 2026", since: "deck uploaded 9 Jun 2026 · deep research 11 Jun 2026",
items: [
{ status: "new", where: "Diligence", ref: "G-01", text: "The Skyplex site the deck builds on was cancelled 17 Oct 2024 and the 13-acre parcel listed for sale — the land is not under control. (OBJ / ConnectCRE, 11 Jun)" },
{ status: "new", where: "Product Passport", ref: "G-02", text: "No evidence of a Lionsgate Orlando license — LEWO operates one park, in Hengqin, China; the U.S. brand premise is unverified. (public record, 11 Jun)" },
{ status: "new", where: "Underwriting", ref: "X-08", text: "Per-cap revenue inputs ($84 / $46) run ~70% above the deck's own cited benchmark — the model's top line is overstated. (deck model vs Visit Orlando, 11 Jun)" },
],
},
graphInsights: {
stat: [["objects", "8"], ["relationships", "8"], ["edges at risk", "2"]],
note: "Two inbound control edges terminate at the asset (Lionsgate IP, Skyplex land) and both are unverified; the token value path downstream inherits their risk.",
relations: [
{ from: "Lionsgate (brand/IP)", rel: "IP rights →", to: "LWR (asset)", status: "at-risk", note: "Orlando license unevidenced — LEWO operates in Hengqin only (G-02)." },
{ from: "Skyplex Owner", rel: "owns land →", to: "LWR (asset)", status: "at-risk", note: "Site cancelled 17 Oct 2024, listed for sale; JV not evidenced (G-01)." },
{ from: "SAXCAP", rel: "sponsors / issues →", to: "LWR (asset)", status: "firm", note: "Named sponsor; development family credible (Friedman, since 1960)." },
{ from: "LWR", rel: "equity 40% →", to: "Equity SPV", status: "flow", note: "~$299M tokenizable tranche — issuer SPV undisclosed (G-04)." },
{ from: "Equity SPV", rel: "issues token →", to: "Token Holders", status: "flow", note: "Reg D 506(c) + Reg S — regulated rails unnamed (G-05)." },
],
chains: [
{ label: "Control", path: "Lionsgate IP + Skyplex land → LWR", status: "at-risk", note: "Both inbound edges unverified — the single point of failure." },
{ label: "Value", path: "LWR → Equity SPV → Token Holders", status: "flow", note: "The token value path — intact in form, gated on the control edges above." },
{ label: "Capital", path: "LWR → Senior Debt 60% + Equity SPV 40%", status: "firm", note: "Stack covers the $747.5M estimate; the $850M raise is unbridged (G-06)." },
],
insight: "Two of eight relationships are load-bearing and unverified — the Lionsgate IP edge and the Skyplex land edge both terminate at the asset node. Until both are evidenced, the value path (SPV → holders) and the entire underwriting inherit their risk; this is why issuance is gated.",
},
opportunities: [
{ id: "OPP-01", title: "Category-defining branded RWA", cat: "growth", impact: "high", conf: 50, desc: "If land control and the Lionsgate license clear, a named, narratable theme-park tokenization is a flagship Compass reference deal.", evidence: "Verified Orlando demand (75.3M visitors, V); brand premise unverified (G-02)." },
{ id: "OPP-02", title: "Epic Universe corridor tailwind", cat: "market", impact: "med", conf: 72, new: true, desc: "Universal's Epic Universe (opened May 2025) is independently lifting I-Drive footfall — a demand tailwind the deck doesn't even claim.", evidence: "OBJ / Attractions Mag, public record (V)." },
{ id: "OPP-03", title: "Milestone-tranched equity token", cat: "product", impact: "med", conf: 58, desc: "Scoping the raise to the ~$299M equity tranche, released in milestone tranches, de-risks issuance and fits the Reg D 506(c) + Reg S wrapper.", evidence: "Capital stack + exemption framework (P)." },
{ id: "OPP-04", title: "Hyatt-flagged hotel offtake", cat: "partnership", impact: "low", conf: 40, desc: "A branded hotel operator (Hyatt LOI referenced) could anchor cash flows and lend the program credibility if the LOI converts.", evidence: "Hyatt LOI referenced in deck; not executed (gap)." },
],
pageHead: {
title: "Lionsgate World Resort — Intelligence Layer",
sub: "Continuous intelligence on the Lionsgate World Resort tokenization.",
},
metrics: PROFILES.realEstate.metrics,
CLASS: L.CLASS,
kbLen: L.KB.length,
thesis: LD.thesis,
verdict: { ...LD.verdict, pills: [["facts", String(L.KB.length)], ["url-verified", String(L.verifiedCount)], ["contradictions", String(CONTRA.length)], ["gaps", String(GAPS.length)]] },
findings: LD.findings,
classCounts: classCounts(),
strengths: LD.strengths,
asks: [
"Executed land control — a contract or option on the 13-acre site plus the Skyplex JV agreement (G-01).",
"A current, signed Lionsgate Orlando IP license — or the brand premium comes out of the model (G-02).",
"One reconciled sources-and-uses bridging the $747.5M cost to the $850M raise (G-06).",
"Token scoped to the ~$299M equity tranche via a disclosed issuer SPV, milestone-tranched (G-04).",
"Named regulated rails — broker-dealer of record, transfer agent and ATS (G-05).",
],
risks: LD.risks,
diligence: {
framing: { tag: "pre-development", text: "Nothing is built — the 13-acre site is listed for sale and the Skyplex JV was cancelled (Oct 2024). Brand, demand and cost figures are extracted from the deck and classified; the build itself is unverified." },
verifyMix: VERIFY_MIX,
verification: VERIFY,
verifyNote: "12 material claims cross-checked against public sources (Jun 2026)",
contradictions: CONTRA.map(([id, a, b, conflict, sev, fix]) => ({ id, a, b, conflict, sev, fix })),
filings: FILINGS,
gaps: GAPS,
},
readiness: { paths: PATHS, actions: ACTIONS },
sources: {
note: "This brief is generated from " + L.KB.length + " classified facts across " + Object.keys(L.SRC).length + " sources, each fact citing one source with a source-reliability score, version, a page/section locator and an upload · parse timestamp. " + L.verifiedCount + " facts are cross-checked against the external research citations below; the rest trace to the SAXCAP pitch deck and embedded financial model.",
registry: lgRegistry,
links: [["knowledge base", "kb"], ["knowledge graph", "graph"], ["entity registry", "entity"], ["workflow", "workflow"]],
},
classSections: {
subject: () => ,
instrument: () => ,
underwriting: () => ,
},
footer: "Generated from the SAXCAP Knowledge Base. Classifications: V verified · P self-reported · A assumption · H hypothesis · Q questionable · U unknown.",
};
})();