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Remember a few years ago, when Tom Cruise triumphantly arrived at MGM and said he was going to turn the whole ship around? And remember how this year so far the only MGM release has been The Pink Panther 2, and this weekend they've got Fame, which may or may not make any money at all?

Yeah. It's not hard to see that things have gone a bit off the rails over there, and today Deadline Hollywood is reporting that the studio has met with its shareholders to admit they're basically out of money, and the shareholders are considering letting the company go bankrupt, collecting their share and going home.

What does this mean beyond the inner-Hollywood drama of it all? MGM currently has two hugely important properties, The Hobbit and the James Bond franchise, both of which involve movies that need to go into production soon. If the studio goes bankrupt they'd probably lose the rights to Bond, and production on The Hobbit could get delayed for God knows how long. No telling what the shareholders will decide, but they definitely have a lot of studio suits nervous about what fates will befall their crucial cast cows. We'll keep you posted on what happens.