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Anyone who follows the film industry knows that MGM has been in financial trouble for a number of years now. Yesterday they filed for chapter 11 bankruptcy protection. The plan is for the company to be restructured and a "new" MGM to emerge at some point.

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Yes, and it has created a mess of their "franchises" i.e. James Bond
You know they're in trouble when they can't afford to make movies...!
So does this mean that (unlike their competitors) they might fire all their staff and hire some new blood? maybe some people with skilz? Or at the very least listen to the viewing public and make movies that they want to see/watch...

;-)
I'm interested to see what direction this goes in. MGM has some excellent films in their library, and some really hot franchises (Bond, as has been mentioned). Will another studio snap up these franchises? Will they molder away in corporate gridlock?

Just another change in the movie industry that will be fun to watch.
Hmm... Didn't I read somewhere that Lionsgate hold the rights to the MGM back catalog? I think that was in connection with the very flawed release of The Dead late last year...

Correction, Wikipedia sez: eventually it was determined that Turner owned all of the pre-May 1986 MGM library, as well as the pre-1950 Warner Bros. catalog,[54][55] the Popeye cartoons released by Paramount (both the pre-1950 WB library and Popeye cartoons were sold to Associated Artists Productions, which was later bought by United Artists), the entire RKO library, and a good share of United Artists's own back list.

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