MGM GOING BROKE

In a report done by Nikki Finke over at Deadline Hollywood there could be trouble brewing over at MGM. Apparently they have come up short on the figures from last year and are seeking more money from it shareholders in a meeting that took place at the end of last week.

MGM made a desperate plea for money because the studio had missed its numbers and was going to be out of funds very soon. "The implication was that it's teetering on bankruptcy," one source told me. 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.
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...if MGM were forced into bankruptcy, then it would lose James Bond and the studio doesn't think it can stay alive without 007.
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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.

You can find out more details of the meeting over at Deadline Hollywoods website.

I'm thinking if MGM goes under Jackson's The Hobbit and 007 will be fine and be snatched up by another studio quickly, but some of the other franchises wouldn't be so lucky. Then again those two were the only ones that will make any money now as it is.