After the debtholders of MGM’s $3.7 billion extended its payment deadline for the fourth time (yes fans, that might mean more delays to the much pined-for “greenlight”) posts a story that says historic Metro-Goldwyn-Mayer studio might sell off “The Hobbit” franchise and that Warner Bros. is interested in buying. James Bond is another of the studio’s potentially hot tickets that is also for sale. The whole story can be read here.

We have an alternative for the debtholders: Greenlight two “Hobbit” films already! Tell MGM to pony up its half of the production budget, trust the talent of Guillermo del Toro, the Middle-earth experience of Peter Jackson, the wizardry of Weta (you know, those one guys who made that fairly popular “Avatar” flick) hire the right cast and get cameras rolling! Since potential buyers are offering you pennies on the dollar, raise the value of the studio not by sitting around looking desperate but by making money. That goes for James Bond too.

Nobody at TORn claims to be a movie mogul but two “Hobbit” films represent $2 billion in box office at least. MGM’s share of that might take might ease some pain and give hope for the future. Ditto James Bond. -sigh-

Thanks to Ringer Spy Bidu for the spare eyeball.