...Just a quick little update.
You may remember talk of a lawsuit brought about by the J.R.R. Tolkien estate that had potential to endanger the production of the upcoming two-part film adaptation, The Hobbit. Well, it seems to have been settled. (Although the terms have not been released.)
The suit in question, was for about $150 million in damages due to a failure on the part of New Line to pay the allotted 7.5% of the combined gross, which brought in about $6 billion for the three Lord of the Rings films from 2001-2003. That's not exactly pocket change, and the Tolkien estate obviously had to make sure their pay was secured with more than a 10-year-old pinky promise. (Hyperbole, obviously.)
The lawsuit escalated when it was being reported that the Tolkien estate wanted to be awarded the power to terminate rights from New Line regarding The Hobbit. (An especially sore point after the years-long legal battles between New Line and MGM over contention over those rights.) However, according to a statement by Christopher Tolkien (J.R.R.'s son.):
"The Trustees regret that legal action was necessary, but are glad that this dispute has been settled on satisfactory terms that will allow the Tolkien Trust properly to pursue its charitable objectives. The Trustees acknowledge that New Line may now proceed with its proposed films of 'The Hobbit.'"
I seriously doubt that there was truly any danger towards the film itself. However, it's still good to see these things resolved.
"It's gone. It's done." -Frodo