A disrupted Toronto Intl. Film Festival that stalled due to the events of Sept. 11, and a production slowdown in the second half of 2001, due to the ramp-up in the first half fueled by strike fears, have created much of the pressure.

"From what I can tell, people are going looking for movies because the first quarter of 2001 was good for production and those movies will be distributed in the first half of next year and for the second half there is virtually nothing," says Cassian Elwes, co-head of WMA Independent, the division of the William Morris Agency that specializes in independent film packaging and financing.

But this year, Sundance is returning to its true indie programming roots with a large number of first-time directors coupled with Sundance alumni, most of whose films have already found domestic homes.

"On the one hand there are a number of films that already have distribution and/or have been seen at other festivals, but that only tends to shine a brighter light on films premiering at the festival this year which are available," says Fine Line Features prexy Mark Ordesky, whose company has enjoyed considerable box office success with past Sundance pickups "Shine," "Saving Grace" and "Tumbleweeds."

"Frankly, I think people will buy, but if you look at the movies there are, not a lot of them have large commercial value," says another seasoned exec. "The lineup is mainly small, experimental movies."

Many believe the films in the dramatic competition -- mostly dark comedies and tough dramas -- might benefit smaller distributors more able to take a risk on such fare.

"Most of the companies' appetite for small U.S. indie pictures is somewhat dampened by the fact that the bigger players have moved more aggressively into production and are not necessarily chasing movies that they don't see have a tremendous amount of upside," says acquisitions exec Bob Aronson of Fireworks Pictures, whose company financed last year's controversial Sundance dramatic competition winner "The Believer."

"As a result, there is an opportunity for companies like ours, which don't have the same kind of overhead or the huge domestic slates of production for domestic release."

A major bright spot going into Sundance is the number of Sundance 2001 entries singled out by critics groups and other organizations as among the year's best, including "In the Bedroom," "The Deep End," "Hedwig and the Angry Inch," and "Memento."

"I think everyone is encouraged by the indie movies nominated for Golden Globes this year which look to be serious contenders for Oscars," says Amanda Klein, VP of acquisitions for USA Films.

"It's always a great opportunity to see new and fresh films, and to discover and rediscover new filmmaking talent," says Guy Stodel, former acquisitions exec for Lions Gate Entertainment who will be representing Fine Line Features at this year's Sundance.

This elusive X-factor is also what leaves acquistions execs passion for the fest undiminished.

"Every year we say the same thing and every year there is a surprise," says Arianna Bocco, senior VP acquisitions for Miramax Films. "You always end up buying a movie based on your passion for the film and how it can fit into your company's distribution lineup.