MGM files for bankruptcy

[TarJak]

http://www.smh.com.au/entertainment/movies/james-bond-lives-another-day-despite-mgm-bankruptcy-20101105-17g7x.html?autostart=1

[the_tyrant]

well, we still have james bond:D

[Jimbuna]

Should have moved into the porn movie business when they had the chance :DL

[Skybird]

That was coming since long.

[Kapitan_Phillips]

Even though the "Blood Stone" Bond film was cancelled, the game still came out. I've played it, and its definately worth a look!

[Penguin]

RIP leo!
The good flics in the past few years were prodced by Weinstein anyway, seems MGM went down like the dinoaur it was.

More shocking news: the remake of "Red Dawn" could become the next "Duke Nukem Forever": http://www.slashfilm.com/2010/06/10/more-mgm-fallout-red-dawn-delayed-perhaps-indefinitely/ :wah:

[ETR3(SS)]

Well when you make movies that are pretty much one explosion after another without having a good solid plot, people might get tired of your movies. :yep:

[Takeda Shingen]

Well when you make movies that are pretty much one explosion after another without having a good solid plot, people might get tired of your movies. :yep:

If only that would happen with Michael Bay.

[FIREWALL]

So What. They get to stiff who they owe money to and, doors are open and business as usual come monday. :nope:

[Platapus]

http://blogs.wsj.com/deals/2010/11/05/everything-you-need-to-know-about-the-mgm-bankruptcy/

[Diopos]

“Gone with the Wind”

Literally!

.

[TarJak]

So What. They get to stiff who they owe money to and, doors are open and business as usual come monday. :nope:
That's the part about Chapter 11 I don't get. Over here if you go bust your assets get sold and your creditors are paid whatever there is left and you don't get to keep on trading.

There are also restrictions on business ownership and directorship if you personally are declared bankrupt.

From what I can tell the law in the US protects the dodgy companies more than the companies that are their creditors? How messed up is that?

[Platapus]

Well not necessarily gone. Film studios have declared bankruptcy before and still made movies.

[krashkart]

1*
Number of MGM movies among the top 100 movies of 2010, ranked by dollar value of tickets sold, according to Box Office Mojo. Time Warner’s Warner Brothers has 18 movies on the top-100 list.


(* Yes, it’s “Hot Tub Time Machine,” at #50. with a U.S. box office take of about $50 million.)

Why bother paying to see it in a theater? After it premieres on TBS I'll be able to watch it free of charge for three months straight. :shifty:


Edit: I avoid TBS for that express reason.

[Platapus]

That's the part about Chapter 11 I don't get. Over here if you go bust your assets get sold and your creditors are paid whatever there is left and you don't get to keep on trading.

There are also restrictions on business ownership and directorship if you personally are declared bankrupt.

From what I can tell the law in the US protects the dodgy companies more than the companies that are their creditors? How messed up is that?


The business of America is Business. Calvin Coolidge.

But it should be understood that under Chapter 11, the creditors don't necessarily lose their money. If the Chapter 11 reorganization is successful, the creditors will get their money unless they choose to settle short.

The problem is that many Chapter 11's turn into Chapter 7 where the creditors do lose. Some have complained that Chapter 11 only gives the company's owners time to siphon off assets before the creditors can get a hold of them. A cynical attitude that is not necessarily untrue.

[bookworm_020]

Maybe they could sell Leo for a quick buck?:hmmm: