Omega wrote:Good. Glad fox is out of it. Since they didn't see their way to making a real bid.
Fox made the same type of bid as everyone else. Nonbinding. At this point it is the way it is done. The creditors do not want to be obligated to accept any of the bids, nor the studios to honor them if things change.
After dragging their feet and crying about everything Fox made a 1.5 billion offer with some debt restructuring. Most value the studio at 1.5 to 1.7 billion, the creditors want more than 2 billion so far none of the bids have come close.
Second round of bidding is going to take weeks and months, remember the last round started in November and ended Jan 15th and we are just now getting the fall out from that and on to the second round where offers can be made of individual parts of the MGM like Bond. Only 6 companies have come back for the second round. Of those WB (AKA Time Warner) is the big dog in the room, Lionsgate is there but is more interested in Miramax. Last May (2009) WB considered stepping in and saving MGM, when they looked a the books they couldn't commit to it. In the months that followed the number was floated that Bond was worth 1.5 billion by itself which as laughed at by the industry. WB saw the writing on the wall last year.
It is beyond me how anyone can see Bond 23 as on track, its going no where before this is settled and unless a miracle happened it will not be close to being settled this year. Even if an agreement is reached it will still take many more months to work out all the details and financing.
MGM's creditors have been pressing for a sale as MGM teeters on the brink of bankruptcy. Its creditors, over 150 of them, are driving the process, with the hope of recovering a large chunk of the studio’s debts. If these expectations are not met, MGM could go in a court-supervised bankruptcy. If that happens god only knows where it goes from there because reportedly the intellectual rights MGM currently enjoys to make Bond sequels will revert to another party.