LOS ANGELES, CA, December 20, 2010 – Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the company’s restructuring has become effective, with exit financing of $500 million in place. The company’s “pre-packaged” plan of reorganization (the “Plan”) was confirmed on December 2, 2010, by the U.S. Bankruptcy Court for the Southern District of New York.
“MGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the opportunity of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms,” said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. More..
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Today’s featured character profile is none other than Mr. Bilbo Baggins! As a small point of order for all of our character profiles, if you are not familiar with The Hobbit or The Lord of the Rings, then you may find that some of this information should be considered spoiler material.
Bilbo Baggins
aliases: Elf-friend, ringbearer, thief
DOB: 22 September, T.A. 2890
Race: Hobbit
Bilbo Baggins was a very well-to-do hobbit living a contented life in the peaceful lands of the Shire when his accidental wish for adventure (that he didn’t even know he possessed) came true with the unexpected arrival of a Wizard and a clutch of Dwarves. Bilbo was descended from the Took line of Hobbits on his mother’s side — indeed the fabulous Belladonna Took was friends with Gandalf the Grey before Bilbo was born — which contributed to his latent wanderlust, a trait considered deeply counter to Hobbit sensibilities.
He lived in a luxurious (by hobbit standards) dwelling known across the countryside as Bag End, which was built by his father, Bungo. In 2941, Bilbo was recruited by Gandalf to operate as a Burglar in the Quest for Erebor (the Lonely Mountain) — and his many adventures truly marked the beginning of the Hobbits’ involvement in the affairs of the world outside their insular Shire.
[Read the Full Profile]
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Variety reports today that MGM, the studio co-producing the upcoming Hobbit films, has begun laying off employees to cut costs and, once it emerges from bankruptcy as early as next week with $500 million in cash available once it secures a JP-Morgan Chase loan, will be seeking an additional loan of $265 – $275 million to co-finance the Hobbit films.
Layoffs, which had been anticipated, began Friday at MGM headquarters in Los Angeles and were mostly in distribution and marketing. MGM disclosed in recent bankruptcy filings that it had planned to cut the staff to about 320 from more than 400 but a spokeswoman indicated Friday that the number of cuts will be significantly smaller.
MGM, which has released only one film this year, received approval on Dec. 2 from a bankruptcy court judge of its “pre-packaged” plan of reorganization. Studio plans to emerge from Chapter 11 as early as next week with $500 million in cash available, once it secures a JP-Morgan Chase loan.
With Spyglass Entertainment toppers Roger Birnbaum and Gary Barber in charge, MGM’s expected to seek a separate loan of $265 million-$275 million for its share of the back-to-back “Hobbit” movies.
The figures should provide a very good indication of the total production budget for the two Hobbit films. Join the discussions over at our message boards – there’s just about two months to go before principal photography begins.
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A LOTR trilogy screening at a theater has become part of popular culture among geeks everywhere but when the famed Alamo Drafthouse holds a screening with seven courses of Hobbit-like food, it becomes a bit bigger of an event. And when an expert on movie Hobbits, Mr. Elijah Wood shows up, well, everything gets just a little more fun. Thanks to moonsaturn for the heads up. Enjoy!
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Here at TheOneRing.net, we will be posting series of profiles for cast and characters we expect to play a role in The Hobbit films. Today’s highlight: Beorn.
Beorn
Alias: Skin-changer
Cast: Mikael Persbrandt
Little is known of Beorn’s origins. He once lived in the Misty Mountains near the Goblin’s cave, but at the time of The Hobbit he lived in the edge of the mountains near the Carrock. Beorn was a skin-changer and could transform himself into a great bear. On the first night the Party stayed in his house, he warned them not to stray outside ‘on their own peril.’ Later that night, Bilbo heard growling and scuffling outside and Gandalf later told the Company he witnesses ‘a regular bear’s meeting’ that night.
The enchantment associated with Beorn didn’t stop with his ability to turn into a bear. His servants were animals that could walk upright and talk. He aided the Company by providing them food, and the use of his ponies as far as the eaves of Mirkwood. Later, Beorn killed the goblin Bolg in the Battle of Five Armies. Beorn’s descendants were valiant men who aided Aragorn during his search for Gollum (Unfinished Tales – “The Hunt for the Ring”). At the Council of Elrond, Gimli credited the Beornings with keeping the High Pass through the Misty Mountains open for travel between Rivendell and Dale.
[Read the Full Profile]
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If you are still looking for that last minute gift for the Tolkien fan in your life, check out Sideshow Collectibles’ ‘The Duel of Light and Fire – Gandalf vs. The Balrog‘ diorama. Regularly priced at $299.99, they are offering an exclusive coupon (HG9716) that will automatically save you 30% OFF. Their page says the coupon expires tomorrow, and only 8 more pieces are being offered at this price. [Check it out] And don’t forget to check out the rest of our 2010 Holiday Gift Guide!
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