By Anne Thompson | Thompson on Hollywood May 28, 2010 at 6:22AM
With MGM creditors calling the shots and debating the future of the studio with MGM management, the cold reality is that no one is going to buy MGM at the valuation the studio needs as it copes with its $3.7 billion debt load. Thus the next phase of MGM's reorganization will likely involve bringing in some entity to exchange some debt for equity and run the studio. Top of the list of possible partners are Spyglass, Summit and the guy who thought up this solution, Amir Malin of Qualia Capital, a private media and entertainment equity fund. He made an offer to infuse MGM with some $500 million to run a lean operation in hopes that the economy and Wall Street would eventually improve.
Not only is the next James Bond project on hold until things are sorted out, but so is The Hobbit. HitFix grabbed some answers from Guillermo del Toro regarding The Hobbit's start date (and 3-D rumors, which del Toro insists is "not being planned"). Because MGM holds a hefty portion of the rights, production cannot be greenlighted until MGM's fate is clear. Del Toro says, "I have been on the project for nearly two years. We have designed all the creatures, the sets, the wardrobe, animatics and planned action sequences and we are very, very prepared for when it is finally triggered. We don't know anything until MGM is solved."