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The One Ring Forums: Tolkien Topics: Movie Discussion: The Hobbit:
Is this good or bad


Oct 30 2010, 1:57am

Post #1 of 13 (1319 views)
Is this good or bad Can't Post

According to Variety, the MGM creditors have approved the Spyglass plan.

Grey Havens

Oct 30 2010, 2:00am

Post #2 of 13 (760 views)
It's good [In reply to] Can't Post



Oct 30 2010, 2:15am

Post #3 of 13 (739 views)
Resolution is always a good thing (nt) [In reply to] Can't Post


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The orange stripey One

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Oct 30 2010, 2:24am

Post #4 of 13 (752 views)
Provided [In reply to] Can't Post

It doesn't lead to additional lawsuits. Unsure That is what I am concerned about. It is time to end this. Mad


Oct 30 2010, 2:25am

Post #5 of 13 (719 views)
So does this mean... [In reply to] Can't Post

that yet another studio logo will be on the DVD?

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Tol Eressea

Oct 30 2010, 3:12am

Post #6 of 13 (709 views)
New Line, Warner, MGM and Spyglass... it's fine by me as long as there's a movie! ;) // [In reply to] Can't Post


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Kangi Ska

Oct 30 2010, 3:49am

Post #7 of 13 (710 views)
It was their best option, [In reply to] Can't Post

Well thought out and should put the studio back on its feet the quickest possible.Laugh

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Kristin Thompson

Oct 30 2010, 4:07am

Post #8 of 13 (686 views)
Avoiding Carl Icahn [In reply to] Can't Post

is always a good idea. I think the vote is probably for the best. The bankruptcy should take a month, the Spyglass heads are smart guys and should run MGM well, and we've already got a greenlight for The Hobbit. Let the filming begin!

Tol Eressea

Oct 30 2010, 7:58am

Post #9 of 13 (645 views)
This should be excellent news.// [In reply to] Can't Post


Middle Earth is New Zealand!

"Question everything, embrace the bad, and hold on to the good."

Tol Eressea

Oct 30 2010, 12:16pm

Post #10 of 13 (660 views)
Don't worry [In reply to] Can't Post

You can always go over it in black permanent marker or put a sticker on it or something. Smile

Superuser / Moderator

Oct 30 2010, 4:53pm

Post #11 of 13 (591 views)
A 95% equity share vs. a 55% share? I'd take it any day. [In reply to] Can't Post

The only advantage the Lions Gate deal had was that MGM wouldn't have to go through bankruptcy. But, either way, the creditors were going to take a big financial hit because they're trading a $4 billion dollar investment for a $2 billion one (or less). Why would they take an even bigger hit and divide only 55% of the equity between them with the Lions Gate deal when they can divide 95% between them with the Spyglass deal. It was kind of a no-brainer in my opinion.

What's encouraging to me is that MGM has obviously suffered from terrible management and bad merger and acquisition decisions in the past, always designed to make a buck with little consideration for the health and future of the company. In this case, knowing they were going to take a financial hit either way, the creditors chose the option that will result in MGM being a much better managed company in the hands of successful, experienced industry experts. That can only be good for MGM and thus, for the Hobbit too. Good for them. Smile

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Oct 30 2010, 5:15pm

Post #12 of 13 (604 views)
so as far as we know [In reply to] Can't Post

this was the last potential bump in the road now smoothed over? I guess we still need to hear that we will have our Gandalf and Gollum officially.

The Trees will have their revenge! And they will have it in glorious 2D!


Nov 1 2010, 11:15pm

Post #13 of 13 (468 views)
Here is the latest on the MGM front [In reply to] Can't Post


Carl Icahn's attempts to take over Lions Gate Entertainment suffered a setback Monday morning when his lawsuit attempting to strike down a controversial stock transaction was dismissed by the British Columbia Supreme Court.
A judge in Vancouver, Canada, where Lions Gate is domiciled, said the transaction -- which boosted the stake of the company's second-largest shareholder, Mark Rachesky. and diluted the stakes of Icahn and others -- was legally valid.
"Although the Icahn Group complains about the dilutive effect, it says that the purpose of the transactions was to entrench the existing Board, and thus thwart the Icahn Group at its proxy battle at the next annual general meeting," Justice John Savage wrote. "In my opinion the evidence simply does not support this assertion."
The decision means that Icahn's stake in Lions Gate remains at 33.5% instead of reverting to the 38% where it stood before the transaction. That will make it more difficult for Icahn, who has a tender offer to buy all the company's stock, to acquire a controlling stake. The offer expires Nov. 12.
Icahn has also said he plans to launch a proxy war to replace Lions Gate's board of directors and senior management.
In the July transaction, Lions Gate swapped $100 million worth of debt that Rachesky had acquired for 16.2 million new shares of stock. That increased Rachesky's position in the film and television studio to 29%, from just less than 20%.
The studio said the deal was primarily designed to reduce its debt load; Icahn said it was an illegal attempt to thwart his takeover attempt.
Savage also ordered that Icahn must pay Lions Gate's legal fees.
Icahn has another pending lawsuit against Lions Gate that resulted from the Rachesky transaction pending in the New York State Supreme Court. Meanwhile. Lions Gate filed a new lawsuit against Icahn last week, claiming he misled shareholders.
Icahn has been trying to orchestrate a merger between Lions Gate and Metro-Goldwyn-Mayer, in which he is a major debt owner. However, on Friday, MGM creditors voted to pursue a different path: They approved a bankruptcy plan that would see the chief executives of Spyglass Entertainment take control.
As part of that deal, Icahn cut a deal with creditors that would give him him a seat on the MGM board. A person familiar with the matter said Icahn still hopes a merger with Lions Gate will be possible.
Icahn could not immediately be reached for comment.
-- Ben Fritz and Claudia Eller


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