MGM Studio exits Bankruptcy

4 Jan

By Lurker

In late December 2010, MGM studios completed bankruptcy proceedings and are now moving forward with a restructuring plan led by the co-CEO’s from Spyglass, Barber and Birnbaum.  MGM has seen some employee attrition and also laid off 50 employees.

There is some speculation on which movies MGM will fund, given that they are in a 50/50 deal with WB for “The Hobbit” and Bond 23.

Additionally, Lionsgate is still pursuing legal action against Carl Ichan in his failed take over bid from late October.  Ichan is still a major shareholder in both studios having participated in the MGM pre-packaged bankruptcy process.

I’m sure we will hear more as the legal court drama unfolds!

5 Responses to “MGM Studio exits Bankruptcy”

  1. Parisienne January 4, 2011 at 6:00 PM #

    Hi All!

    I’m looking forward to The Hobbit. Does anyone know who will be in it?

    • ozzie20 January 4, 2011 at 7:34 PM #

      Martin Freeman is Bilbo. Cate Blanchett is back. Ian Mckellan seems to be onboard then off board so many times I’ve lost count! 🙂 Orlando Bloom, Hugo Weaving and Andy Serkis are rumoured to be making a return too. There’s a number of really good actors rumoured to be playing parts in it too!

      • Parisienne January 5, 2011 at 12:44 AM #

        Thanks Ozzie! Its one of my fav books. 🙂

        • ozzie20 January 5, 2011 at 4:06 PM #

          You’re welcome! I have the book but I haven’t read it yet.

          • Open Book January 6, 2011 at 1:38 PM #

            Hi Ozzie!!!

            I’m still trying to finish the book myself. It’s nice to hear news about the Hobbit. Hopefully, the producer’s will keep moving forward while MGM/WB hammer things out.

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