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The Green Dragon News Reports
Frodo Franchise Dishes on MGM Status
This article was posted by Elendil on 6 Feb 2010, 08:25 pm
Kristin Thompson, aka The Frodo Franchise, has done a recent blog entry detailing the latest in the saga of MGM and their auction for the company. Things don't look very promising for MGM...to say the least. Click HERE to read the FULL Blog Entry
As everyone knows by now, MGM is deep in debt. About 140 separate lenders, led by JP Morgan Chase, are owed a total of $3.7 billion. They want MGM to be sold outright. They have been suspending the studio’s interest payments, hoping that MGM will be worth more if it’s not in bankruptcy.MGM insists that the current auction really isn’t an auction and that the studio won’t necessarily be sold. Bidders are not being allowed to make offers for individual assets of the studio, which would include the firm’s distribution rights and co-production contract for The Hobbit.
8 Comments | Leave a Comment
Maedhros says:
7 Feb 2010, 04:41 pm
It'll be interesting to see how this turns out and what impacts it will have.
mrdbios says:
7 Feb 2010, 06:14 am
I wonder if other large movie companies are in, or are approaching, similar problems? Is this just a problem for MGM, or will we be hearing more and more in themonths to come?
Strider says:
7 Feb 2010, 05:28 am
Maybe if all the fans band together they could raise enough to change their minds and actually get the distribution rights and co-production contract for The Hobbit. How great would that be?
Olórin says:
7 Feb 2010, 02:21 am
Wait and see... that's all we can do really. Or does anyone here have enough money to buy MGM?
bill59 says:
7 Feb 2010, 02:20 am
Dead man walking for sure. Sad to see the end of such an historic studio.
Aiglos says:
6 Feb 2010, 10:06 pm
Hmmm...so in the end a completly diffrnet company could be running things.
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