As an old Shire proverb goes:" The best way for a hobbit to have happy thoughts is to count his cakes and not his cash..." Sadly not applicable to the real world where money still are the driving force behind success but also behind failure. The Hollywood Reporter (THR) is reporting the latest instalment into the MGM debts saga which is most likely one of the causes of the delay of The Hobbit movie. MGM lenders are getting restless as the search for a potential buyer continues, and there is an increased threat of MGM be forced into bankruptcy reorganization.
"MGM has until March 31 to pay $200 million or so in interest due debtholders, who have agreed to three postponements but would be unlikely to approve a fourth unless a winning bidder had been identified."(THR)
As far as The Hobbit is concerned reassuring noises have been coming out from MGM as Warner Bros is ready to step in and help out if necessary although we recently learned that apparently the first of the 2 planned movies will be out in 2012 and not 2011 as originally announced.
In light of MGM continues money problems this quote keeps coming into my mind....
"It is the job that is never started that takes longest to finish." (J.R.R.Tolkien)
Maybe MGM should look at Kate Madison's beautiful movie about Middle-Earth Born of Hope, which was made for only £25,000 and try to find some inspiration for The Hobbit which is guaranteed to brings a lot of revenue for the Studios one day...if they get around to start it...one day...hopefully soon...
....if money were cakes MGM could easily ask the hobbits for some financing, we would be happy to help :)
(source : THR)