My brother and his friends just did this.
They basically sold "shares" of the movie. They did an article in the local paper, and advertised it as buying a piece of the film, bla bla bla. If they movie gets picked up for X dollars by some big company, then that X will be split equally amongst the share holders. You can email them for more info, the website for the movie is
Here and it should have some contact info somewhere.