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diedye
Grey Havens
Sep 25 2009, 12:32pm
Post #1 of 53
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MGM is bankrupt?!...
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Could "The Hobbit" be in jeapardy?!
*bangs head on screen*
Is this thing EVER going to get made?!
Blessed are the cracked,
For they are the ones who let in the light!
(This post was edited by diedye on Sep 25 2009, 12:34pm)
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entmaiden
Forum Admin
/ Moderator
Sep 25 2009, 12:59pm
Post #2 of 53
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is mentioned in the headline but not in the story. All that MGM has is the right to distribute The Hobbit, a contract that is worth a lot of money. That contract can be sold, and even if the sale has to be approved by the bankruptcy court, it is extremely unlikely that the movie will be delayed.
I hate how media tries to stir up controversy where there is none.
Each cloak was fastened about the neck with a brooch like a green leaf veined with silver.
`Are these magic cloaks? ' asked Pippin, looking at them with wonder.
`I do not know what you mean by that,' answered the leader of the Elves.
NARF since 1974.
Balin Bows
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Earl
Forum Admin
/ Moderator
Sep 25 2009, 1:25pm
Post #3 of 53
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I can see WB rubbing their hands in glee...
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... as I suppose Warner's will be more than happy to buy off the distribution rights from MGM (though I don't really know if that's a good or bad thing) 
"Crows and Gibbets! What is the House of Eorl but a thatched barn where brigands drink in the reek and their brats roll around on the floor with their dogs! You are but a lesser son of greater sires."
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Kristin Thompson
Rohan
Sep 25 2009, 3:51pm
Post #4 of 53
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both with your point about The Hobbit being unlikely to be delayed and with your annoyance about the media. There's no reason to stir up controversy by exaggerating the likely consequences of an MGM bankruptcy (except presumably to attract more readers). I've posted a short entry on the subject over on my blog, hoping to calm the fears of any fans that might think that the production really is "in peril." (Odd how often melodramatic media reporting has led me to do that!) My bet would be that Warner Bros. has this contingency covered in its original contract with MGM.
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Altaira
Superuser
Sep 25 2009, 4:54pm
Post #5 of 53
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Given MGM's record of years and years of financial troubles and 'teetering on bankruptcy' it would only have been prudent of Warner to think of that ahead of time.
*runs over to read Kristin's blog* 
Koru: Maori symbol representing a fern frond as it opens. The koru reaches towards the light, striving for perfection, encouraging new, positive beginnings.
"Life can't be all work and no TORn" -- jflower
"I take a moment to fervently hope that the camaradarie and just plain old fun I found at TORn will never end" -- LOTR_nutcase
TORn Calendar
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shadowdog
Rohan
Sep 25 2009, 5:21pm
Post #6 of 53
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I have checked on the internet and all I can find is 6-month old stories on MGM's Vegas casinos in danger of falling into bankruptcy. Is there later news about MGM itself in danger of bankruptcy? If not, why would this be relevant to MGM as a distributor of The Hobbit. I be confused here. 
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Steelsheen
The Shire
Sep 25 2009, 5:25pm
Post #7 of 53
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where have i heard this story before?....
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thanks for posting that blog entry Kristin, it sure puts everything in perspective. and indeed wouldnt WB be quite grateful to not have to share the Hobbit profits? 
the most ironic thing about this story is that MGM is declaring bankruptcy again, i know that the economic climate isnt the best, and quite a few distributors (mostly indies) have fallen victim to this, but i kinda expected MGM to be wiser now that it was given a second lease on life.
and is it just me, but is there some coincidence that the Tolkine movies always involve some studio at the brink of financial meltdown? it was the same thing that happened with New Line when PJ was pitching LOTR.
(This post was edited by Steelsheen on Sep 25 2009, 5:25pm)
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diedye
Grey Havens
Sep 25 2009, 6:32pm
Post #11 of 53
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Are you saying that I'm an idiot?!...
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Blessed are the cracked,
For they are the ones who let in the light!
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Kristin Thompson
Rohan
Sep 25 2009, 6:34pm
Post #12 of 53
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Where the old news can be found
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For anyone who missed the rumblings about MGM's financial woes back in August and early September, I posted entries here (on Harry Sloan's departure as CEO), here (on MGM's debt), and here (my speculation on whether MGM would have to sell the Hobbit distribution rights). Those entries contain links to more detailed stories in places like Variety and the L.A Times.
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Theodred
Lorien
Sep 25 2009, 10:12pm
Post #15 of 53
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Even if a part of this is old news, I DO hope things will clear up soon....
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and that someone will guarantee us that it's certain that The Hobbit will not be in jeopardy, otherwise there will come some restless and sleepless nights for some of us...
http://www.youtube.com/watch?v=aLCUzA6KMEw
http://www.ladyofrohan.com/funeralsong.wav
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MrCere
Sr. Staff
Sep 26 2009, 12:41am
Post #16 of 53
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The MGM conference call happened just yesterday (the 24th) and things sound a lot more dire than they have previously. In my guestimation, this whole MGM thing is what is slowing the actual 'green light' process of the films. Unless something odd has cropped up, everything Peter Jackson said at Comic-Con pointed toward the film being all but finalized in that process.
I can easily see Warners being cautious with $300 million when they don't know how the distribution of the film will happen. Even if they are prepared, it would give any project pause, at the very least so a company knows how to proceed.
I have no choice but to believe in free will.
The cake is a lie
The cake is a lie
The cake is a lie
My blog
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Voronwë_the_Faithful
Valinor
Sep 26 2009, 12:50am
Post #17 of 53
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I had actually begun to wonder whether MGM's financial woes might be behind the apparent delays in any announcements even more news of this conference call. I think it is likely that the films will move forward, but potentially not as planned. It's easy to say that Warner's will be happy to buy out the distribution rights, but it simply is not that simple. If it comes to that, it will likely required many months (or even years) of negotiation, and there is a good chance that will delay the films.
'But very bright were the stars upon the margin of the world, when at times the clouds about the West were drawn aside.'
www.arda-reconstructed.com
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Sharky
Bree
Sep 26 2009, 3:22am
Post #18 of 53
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It's certainly a worrying state of affairs.
And here we find you, smoking and...feasting!
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Nesse
Lorien
Sep 26 2009, 10:15am
Post #19 of 53
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Each day I log on to this site hoping for some small piece of news regarding TH this is NOT what I want to hear......I am worried even though I try to convince my self it will be ok and everything is going as planned. Wouldnt it be great to hear from someone in the know that all is good in the making of the TH so we can all breath a sigh of relief and get back to discussing things like casting etc.
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MrCere
Sr. Staff
Sep 26 2009, 10:33am
Post #20 of 53
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Oh, well, then 'The Hobbit' must have been made already
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It has been a lot of years of development and here it is on the verge of 2010. If it were easy to make this movie with Peter Jackson and New Line and MGM and Bob Shaye and the Tolkien Estate, I think it would have already happened. In fact, MGM must not actually be in serious trouble because its obvious and easy to make big grossing movies like the next James Bond and two Hobbit films that could easily save the studio right?
Oh, silly me for taking business problems seriously.
Count me among the idiots. 
I have no choice but to believe in free will.
The cake is a lie
The cake is a lie
The cake is a lie
My blog
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Goldberry of the river
Lorien
Sep 26 2009, 12:36pm
Post #21 of 53
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I nearly choked when I read the headline so I am one of the idiots What the media say I take with a pinch of salt, but I know nothing of film politics and the such!
So let me get this straight, MGM are nearly bankrupt but it won't effect TH? BUT it may delay the start of filming? And am I right in thinking that Warner Bros. will buy them out?!
Brian Blessed for Thorin!
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entmaiden
Forum Admin
/ Moderator
Sep 26 2009, 1:24pm
Post #22 of 53
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There's a LOT of money at stake
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and since the release dates have already been announced, there's a lot of pressure to keep to those dates. I wouldn't be surprised if MGM and Warner have some idea of what the distribution rights are worth, and if MGM does declare bankruptcy, they will face a lot of pressure to sell that asset. The Hobbit distribution rights would be one of those low hanging fruit items that the bankruptcy courts like to tick off their list, and MGM will have very little leverage to prevent the sale.
I actually think bankruptcy might accelerate things for The Hobbit. MGM doesn't have as much invested in the distribution rights as it does the Bond franchise, so they very well might let that go and fight to save Bond.
Each cloak was fastened about the neck with a brooch like a green leaf veined with silver.
`Are these magic cloaks? ' asked Pippin, looking at them with wonder.
`I do not know what you mean by that,' answered the leader of the Elves.
NARF since 1974.
Balin Bows
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Voronwë_the_Faithful
Valinor
Sep 26 2009, 4:12pm
Post #23 of 53
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Everything you say is perfectly logical
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Unfortunately, logic has a tendency to go out the window when there is a lot of money involved.
'But very bright were the stars upon the margin of the world, when at times the clouds about the West were drawn aside.'
www.arda-reconstructed.com
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Theodred
Lorien
Sep 26 2009, 6:31pm
Post #24 of 53
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Isn't there anybody here who knows somebody involved with this MGM/Bondholders thingy?
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Then maybe he/she can mail or call that person and try to convince him/her to create an account on this forum, so that person can keep us up to date here with the latest news on a daily basis?
http://www.youtube.com/watch?v=aLCUzA6KMEw
http://www.ladyofrohan.com/funeralsong.wav
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MrCere
Sr. Staff
Sep 27 2009, 12:44am
Post #25 of 53
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There are a lot of opinions but none of us here KNOW what will happen. In fact, a lot of really smart film and finance people don't know what will happen either.
I have no choice but to believe in free will.
The cake is a lie
The cake is a lie
The cake is a lie
My blog
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Well, after all it's very true! //
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