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MGM on the Verge of Bankruptcy? Where Does This Leave Bond and The Hobbit?
/Film —
... Nikki Finke has the story, and reports that “the bondhholders said to MGM, in essence, that they were going to let the studio go bankrupt and collect their money since they’d be first in line to get paid.” But, Finke reports, MGM says that’s pretty much the worst possible course of action, as that would force an asset sale, which would basically kill the studio. The Hobbit would likely be sold, and the potential delay there could be damaging to the film(s), if not destructive. ...
MGM on the Verge of Bankruptcy, Asks for Emergency Funds
FirstShowing.net —
... , or MGM, with the motto, "Ars Gratia Artis", a Latin phrase meaning "Art for art's sake." Over the last 85 years, the studio has become one of the most powerful and recognized studios ever, probably because of their iconic logo (seen above) and roaring lion at the start of all of their films. Well, bad news, as Nikki Finke reports that the studio is "teetering on bankruptcy." Apparently they made a desperate call on Thursday asking for help rounding up an extra $170 million in emergency funds. ...
Could Money Woes Cost MGM James Bond and 'The Hobbit'?
Cinematical —
MGM has been plagued by financial woes for much of their long and illustrious career, but their most recent crisis could end up costing them two of their biggest titles. Nikke Finke of Deadline Hollywood Daily is breathlessly reporting that the studio is teetering on the edge of bankruptcy with over $3.5 billion in debt. MGM held a very long conference call with their creditors, pleading with themto waive their interest payments until February 2010, and allow them the cash they need for the rest of the year, particularly to fund its upcoming slate of films. Naturally, some ...
'The Hobbit' And James Bond Imperiled By Looming MGM Bankruptcy
MTV Movies Blog —
... " franchise last night, MGM investors were fretting over a dispiriting conference call led by studio management. Things are looking bleak, my friends. The gist of it, as reported by Nikki Finke for Deadline Hollywood, is that right now MGM needs $20 million to cover basic overhead and another $150 million to finish out the year. This includes funding for high-profile projects like " ...
The Hobbit and James Bond 23 in Trouble?
ComingSoon.net - 30 most recent stories —
Deadline Hollywood is reporting that MGM is needing $20M in short-term cash flow to cover overhead, and an additional $150 million to get through the end of year to stay out of bankruptcy and possibly losing such franchise films as ...
MGM In Trouble!? Will James Bond Lead Those Hobbits To A New Home??
Ain't It Cool News - The best in movie, TV, DVD, and comic book news. —
... MGM were forced into bankruptcy, then it would lose James Bond and the studio doesn't think it can stay alive without 007. [EDIT] Also, if MGM goes through bankruptcy, that's a very expensive prospect (where only the lawyers get rich), and extremely disruptive (since who would do business with MGM in the interim) and won’t get the creditors what they want which is their money back. It's more than simply MGM losing Bond. The studio could lose a lot of other franchises. ...says Nikki HERE , where you can find many more details on the matter. It's a safe bet that both THE ...
MGM On The Verge Of Bankruptcy
FlicksNews.net —
... The THR blog deadline is reporting that MGM is struggling to to stay out of bankruptcy by the end of the year end of year. In a meeting it proposed it needs $20M in short-term cash flow to cover overhead, and an additional $150 million to stay out of bankruptcy. The studio fears it will loose the rights to the James Bond franchise, and shall loose The Hobbit too. ...
If You Think THE HOBBIT and JAMES BOND Are in “Peril”, You’re an Idiot
Collider —
... I woke up this morning and it turned out the sky was falling. According to Nikki Finke, MGM is on the verge of bankruptcy and if the creditors don’t cough up come cash, then the 85-year-old studio would have to sell off projects like the James Bond franchise and “The Hobbit” just to begin paying off their debts bondholders and then creditors and the bank may only get a 7.5% return on their investment and then have to make a low-finance APR of $2,600 and all cars must go! Understanding finance is scary but if there are a bunch of parties and ...
The Lion's Last Roar? MGM Fights $4 Billion Debt
Get The Big Picture —
... But today, Deadline Hollywood reports that The Lion is fighting just to stay afloat financially. "MGM said it needed $20M in short-term cash flow to cover overhead, and an additional $150 million to get through the end of year and continue funding its projects, and to start Peter Jackson's Hobbit." ...
There's Not Enough Money To Buy Hobbits and James Bonds!
I Watch Stuff - The Best Movie News Ever —
... funding its projects, and to start Peter Jackson's Hobbit.
So the bondhholders said to MGM, in essence, that they were going to let the studio go bankrupt and collect their money since they'd be first in line to get paid. But Cooper explained that this would be the worst possible outcome for the creditors and the company. Because if MGM were forced into bankruptcy, then it would lose James Bond and the studio doesn't think it can stay alive without 007.
Strangely, the article makes no mention of how this could affect production of MGM's upcoming Jeeper ...
MGM On The Edge of Bankruptcy
Screen Rant —
... Nikki Finke over at Deadline Hollywood is reporting a very long conference call (or series of calls that some sources say lasted for six and a half hours) took place between the studio and bondholders, in which the studio made a “desperate plea for money because the studio had missed its numbers and was going to be out of funds very soon.” The bondholders were said to be, “very loud…very upset… [and] irate.” MGM reportedly asked for a combined amount of $170 million, $20 million as short-term cash ...
MGM's Bankruptcy Could Mean Bad News For James Bond, The Hobbit
Cinema Blend News —
MGM's Bankruptcy Could Mean Bad News For James Bond, The Hobbit Remember a few years ago, when Tom Cruise triumphantly arrived at MGM and said he was going to turn the whole ship around? And remember how this year so far the only MGM release has been The Pink Panther 2 , and this weekend they've got Fame , which may or may not make any money at all? Yeah. It's not hard to see that things have gone a bit off the rails over there, and today Deadline Hollywood is reporting that the studio has met with its shareholders to admit they're basically out of money, and the ...
Hobbit, James Bond and CineVegas Hurt Financially. Today in Film Bloggery 09/25/09
SpoutBlog —
... due to the current economy. Meanwhile, MGM is also in a desperate situation, though not necessarily due to the recession, and that could mean future ...
The Truth, The Truth, The Truth Is On Fire
The Hot Blog —
... The new EXCLUSIVE..."EXCLUSIVE DETAILS: MGM Makes Phone Plea To Bondholders To Stay Alive; Both 'Hobbit' And James Bond In Peril; Bondholders Tell Studio To Go Bankrupt; MGM Calls That Worst Possible Outcome" ...
The Hobbit and Bond for sale?
Filmstalker —
... here. Suffice to say that the media created a much bigger crisis and had a huge part to play in the downfall of that company and the loss of many jobs. This could be true of the story behind MGM, although I'm not so close to the issue to really know. You'll notice though that the media here aren't so interested in the whole tale, since it's not the financial industry, why would they? They're not after news, they're after viewing figures. At the moment it would seem, according to Deadline Hollywood Daily , MGM have had extended calls with bondholders discussing loss of revenue, ...
MGM In Trouble?
Movie Moron —
... down to is that either a lot of people are going to say ‘no’, and lose a lot of money - about half of what they put in the company - or say ‘yes’ and risk losing even more money. Fingers crossed for MGM - after all, nobody likes it when they’re owed money.
A much more complex and number-heavy summary can be found on Nikki Finke’s excellent blog below.
Source: Nikki Finke
MGM Studios “Teetering On Bankruptcy”
Subscribe to FilmShaft.com —
... The studio held emergency conference calls at the end of September with worried bondholders who were said to be “very loud and very upset” according to Nikki Finke of Deadline Hollywood. Bondholders, who were concerned about their possible investment returns, requested the calls to assuage their own fears during the worldwide financial crisis, the worst in recent memory. However, MGM are said to have made a desperate plea for money as numbers were down, and the studio is due to run out of funds very soon. ...
MGM Keeps THE HOBBIT; Claims of Falling Sky Appear to Have Been False
Collider —
... to give this a “Toldja!” (for when you want that extra bit of obnoxious) while amending nothing about “The Hobbit” being “in peril”. I guess the words “My Bad!” just don’t really work for her. ...
MGM Gets Lender Reprieve And Holds Onto 'Hobbit'
:: The Playlist :: —
... So last week, Nikki Finke reported that MGM studios was in trouble and basically made a plea to its shareholders for more cash. Apparently they were in knee-deep debt for $3.7 billion. They can't even keep up in the interest payments, ouch. ...
