This excerpt taken from the NCMI 10-K filed Mar 28, 2007.
Digital Cinema Letter Agreement
NCM LLC entered into a letter agreement on December 1, 2005 with the founding members to enable it to explore the possibility of implementing digital cinema in their theatres. We entered into an engagement with J.P. Morgan Securities Inc. and a consulting contract with Travis Reid, former Loews Cineplex Entertainment President and CEO, to lead the effort to create a business plan and financing model for digital cinema with the major motion picture studios.
We expect that our consulting agreement with Mr. Reid and engagement letter with J.P. Morgan Securities will be assigned to DCIP, a new entity to be formed and owned by NCM LLCs founding members.
Under the J.P. Morgan Securities Inc. engagement letter, which is dated July 6, 2006, J.P. Morgan Securities Inc. will assist with the review of the business plan for digital cinema and with identifying and evaluating financing and capital structure alternatives. J.P. Morgan Securities Inc. also will have rights to participate in future transactions involving this newly formed entity for a specified period of time.