Well, I've been trying to follow the money lately, with dubious success. Every week I get a tip that a major piece of studio funding has collapsed, whether it's a slate-financing deal or a hedge fund. So I diligently follow the money and come up with denials and obfuscation. The financing is in place, I am always told. But then no movies seem to get launched, so what's the money doing?

Well, despite all the dire rumors, it's still flowing. But less of it. And on tougher terms.

Clearly the fringe operators are falling by the wayside, but the stalwarts like Village Roadshow, Spyglass, Legendary and Relativity are still very much in the game. Asked about one report that all was lost, the head of a production-financing entity said simply, "It's true, but it's not true. We're raising money from a new banking source. We're still players."

Adding another layer to the money melee, the talent agencies are trying to play a more active role. Endeavor is putting together an entity with two Wall Street types to raise capital for entertainment ventures. CAA's emissaries have been active in deals for DreamWorks, Summit and Marvel.

The talent guilds, which normally would be analyzing whether agent interests might clash with talent interests are too involved in their own onanistic obsessions to take notice.

The strongest players, of course, are those with a track record. Village Roadshow under Bruce Berman has made 65 movies in 10 years. It has reached both its highs and lows with the Wachowski brothers, who went from the "Matrix" movies to "Speed Racer" without missing a beat.

But Village Roadshow this year helped finance Clint Eastwood's $40 million movie "Gran Torino," which will do $260 million worldwide.

That's the sort of result that keeps the money flowing. Or that finds new money.

Subhed: Steady reign on B'way

Democracy is still a wonderful idea, but monarchy is more fun. Barack and Michelle Obama discovered that recently schmoozing with the Queen. So I decided the closest I could come was a visit to King Philip--Philip J. Smith, who reigns over the Shubert Organization.

The Shuberts may not have a crown, but they have a kingdom and a castle. Sort of. They have 17 gorgeous theaters in New York and a stake in many of the hottest shows on Broadway.

But if you want to kiss the Shubert ring, you have to stroll down seedy Shubert Alley (where else?), brush past a few homeless people, press an elevator button on an unmarked, somewhat dingy building and persuade yourself you haven't wandered into a shelter.

You haven't. King Philip holds audiences in a cathedral-like setting that was once the apartment of King Lee the First -- Lee Shubert, that is. The edifice was created shortly after World War I and it looks like the set of "The King and I." Or maybe "Camelot." Gilt and glitter. Rich carpets, tapestried walls, mahoganied conference tables. Barry Diller's futuristic decorators won't get near this theatrical citadel.

And business in the kingdom is doing just fine, thank you. The nation's economy may wobble, but ticket sales appear to be down a mere 4%, according to King Philip. And there are a lot of hot new shows on the horizon.

Shubert theaters already house the new hit, "God of Carnage," starring James Gandolfini, plus "Billy Elliott." And "Phantom of the Opera," after 20-years, is a multinational corporation in search of a show.

Broadway has its other fiefdoms, to be sure. The Nederlander Group controls some nine theaters and has a producing stake in such hits as "West Side Story" and "In the Heights."

But the Shuberts still own the town and don't need to explain much about their domain. They've been a privately owned company since their storied line started in the theater business around the turn of the last century.

The Shuberts were revered, but not beloved. Theater folks dismissed them as landlords. The organization was running aground in the '60s when Gerald Schoenfeld and Bernard B. Jacobs usurped family control.

Schoenfeld was a gracious, lawyerly type who led the rehabilitation of Times Square. Smith and his partner, Robert E. Wankel, are also thoughtful, low-key veterans of the business with financial and legal backgrounds. They do not present themselves as "theatrical," but they diligently see the shows and read the scripts and now and then even give notes.

I can't think of any individuals in show business who are less show business, yet whose love of show business more intensely fuel their lives. And keeps their monarchy prosperous, even in dicey times.