007 questions about how the MGM-Spyglass deal affects James Bond

We may not be able to provide the answers but we’re good at asking questions about James Bond. Here’s our special MGM financial restructuring edition.

001. How long will MGM be in bankruptcy court? Metro-Goldwyn-Mayer Inc. is going to file for bankruptcy as part of a plan that MGM creditors approved on Oct. 29. The filing will be what’s known as a “prepackaged” bankruptcy, meaning creditors are agreed on terms ahead of time to try to minimize time in bankruptcy court.

The Wall Street Journal, in a story about the vote by MGM creditors, said the studio might get out of bankruptcy court in “a month or two.” The Los Angeles Times said it might be as little as one month.

If these reports are correct, MGM would get out of bankruptcy court in December or early 2011. But given the twists and turns in the MGM financial saga, you might avoid betting on a specific date.

002. But Bond 23 will get back on track pretty soon, right? That depends on your definition of soon.

003. Once MGM gets through bankruptcy court, what else might hold up Bond 23?

For one thing, the revamped MGM will be smaller and no longer release films itself. MGM, which controls half of the 007 film franchise, will be run by Gary Barber and Roger Birnbaum, the co-founders of Spyglass Entertainment. The duo will have to cut deals with other studios to release films. There’s a lot of change ahead at the studio.

Meanwhile, there have been signs that Eon Productions, the other half of the Bond film franchise, didn’t exactly move quickly on Bond 23, even before it said in April development of the film was suspended indefinitely because of MGM’s financial ills. The production company issued a press release last year about how Peter Morgan, writer of Very Important Films such as Frost/Nixon, would help do Bond 23’s script. Morgan has disclosed he never got past the treatment stage while questioning the basic Bond concept. That raises the question whether Eon wasted its time before MGM’s situation worsened.

004. Can the revamped MGM properly finance a Bond movie? 2008’s Quantum of Solace, released by Sony’s Columbia Pictures, had a reported budget of $230 million. MGM’s business plan calls mostly for much-more modestly budgeted projects with occasional big projects. Presumably, Bond 23 would be one of those. The actual budget may depend on what studio ends up doing a deal with MGM to release Bond 23.

005. Does (and should) 007 face some budget tightening? Chances are unlikely Bond 23 would be a bargain basement production but it remains to be seen whether it’s as pricey as Quantum of Solace. A somewhat less expensive Bond 23 might not be a bad thing; Quantum, despite its ample budget, was seen by many fans as not being as good as the previous 007 film, Casino Royale. A major unknown is what studio actually ends up releasing Bond 23 and the terms of its deal with MGM.

006. What studio will release Bond 23? According to Mike Fleming of Nikki Finke’s Deadline.com Web site, there will be a lot of interest among major studios:

If MGM isn’t a distributor, the next installment of James Bond will be a jump ball. Expect Sony (which distributed Casino Royale) to battle it out with Warner Bros and Fox, but watch Paramount emerge in the thick of it because of the close relationship that the studio has developed with Spyglass since that company became co-financier of Star Trek and the followup that is in the works.

007. Is the MGM creditor vote good news or not for Bond fans? Assuming MGM gets out of bankruptcy court quickly, it’s a positive step — but it doesn’t appear to jump start Bond 23 by itself. The Spyglass deal is complicated and was arrived at only after MGM couldn’t sell itself at a price debt holders wanted. The new MGM management team’s job is just starting. We also don’t know what kind of relationship the new regime will have with Eon boss people Michael G. Wilson and Barbara Broccoli.