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Report: Bilbo Baggins declares bankruptcy

Report: Bilbo Baggins declares bankruptcy

TheOneRing.net has allegedly received "rock-solid " info from a "trustworthy source " that MGM's "finance situation " is accountable for delaying the beginning of the much forecasted film."The venerable film studio behind James Bond and about four thousand other titles is reported to be in about $3.7 bn. in debt but holds the distribution rights for 2 'Hobbit' films that are under contract to be manufactured by Warners Bros, " claimed MrCere of TheOneRing.

"The 2 studios have an understanding in place to provide and share the film but fiscal difficulties for MGM, including the potential sale of the studio and its holdings, including rights to the films based totally on the book by J.R.R.Tolkien, has delayed the films.

" According to MrCere, the "wrangling " with MGM is also a "heavy part " of doubtless postponing the films once again.However , the intrepid New Zealand team is allegedly hard at work with "pre-pre-production " of a well-developed script.

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