Report: Bilbo Baggins declares bankruptcy

How many times have you watched the Lord of the Rings (LOTR) trilogy? 15, 20, 30? Well, hang onto your golden Precious, because you may have to watch the Two Towers battle the Fellowship yet again while waiting for cash-strapped MGM to start filming The Hobbit.

Indeed, has reportedly received “rock-solid” information from a “reliable source” that MGM’s “financial situation” is responsible for delaying the start of the much anticipated movie. 

“The venerable film studio behind James Bond and about 4,000 other titles is reported to be in about $3.7 billion in debt but holds the distribution rights for two ‘Hobbit’ films that are under contract to be made by Warners Bros,” claimed MrCere of TheOneRing.

“The two studios have an agreement in place to produce and distribute the film but financial difficulties for MGM, including the potential sale of the studio and its holdings, including rights to the films based on the book by J.R.R. Tolkien, has delayed the films.”

According to MrCere, the “wrangling” with MGM is also a “significant part” of possibly postponing the films yet again. Nevertheless, the intrepid New Zealand team is apparently hard at work with “pre-pre-production” of a (possibly) well-developed script.