8 Oct 2009

Saved and Safe! MGM financial problems will not stop The Hobbit

Hobbits smiling once more! Last week I reported that MGM, which is in a catastrophic financial state was on the verge to give up on The Hobbit due to lack of founding.. This meant they would lose The Hobbit...a real tragedy. Well, I am glad to report The Hobbit has been saved! MGM has secured support from important lenders to allow the studio enough cash to proceed with the movie thanks to a endorsement from J.P. Morgan. I really feared we wouldn't see Guillermo Del Toro's adaptation of the much loves J.R.R.Tolkien's story , but MGM received a lifeline and the movie might be enough to keep the studio alive. Now I only hope the studio will put its finances in order and do some saving in order to stay afloat and carry on making movies, these are no times to be silly and reckless with money.