In 2010, Frakes co-founded PalmStar Media Capital with Peggy Taylor[2] and Frank Pollifrone to focus on financing films.
[3] In July 2017, PalmStar Media purchased all the assets of National Lampoon, Inc., including trademark and library of print, audio, movie, and video content.
[7] Initially, shooting was to begin in September 2021,[8] but in July 2021, The Hollywood Reporter announced that the movie adaptation had fallen apart.
[11] Thunder Road would use it to fully finance and produce five to six independent films from $20 to $50 million budget range per year.
[12] In August 2015, PalmStar signed a deal with Jeremy Renner and Don Handfield's production company The Combine to finance two to three films per year.