Yesterday I posted some news about Ian McKellen potentially bowing out of The Hobbit. The main reason behind that was due to the fact that the film is essentially in limbo because MGM is in a giant financial mess. Today's story indicates that their money woes are reaching critical mass.

AICN is reporting that apparently all development on the latest James Bond film has been stopped and the project is dead -- this coming after an announcement back in April that the production was on indefinite hold. If the studio can't get a Bond film directed by Sam Mendes and written by Frost/Nixon scribe Peter Morgan off the ground, then things seem very dire indeed. That would make two huge films guaranteed to make money -- three if you factor in that The Hobbit is going to be told in two parts -- that the company appears to be incapable of making.

In a statement to The UK Daily Mirror production company EON shared this disheartening tidbit, "We do not know when development will resume and cannot comment further at this stage." The Mirror goes on to add that it could be years before Bond is back on the big screen.

The one silver lining in this cloud is that the Bond franchise will live on regardless. Bond is a proven commodity, with Casino Royale and Quantum of Solace each having made just under $600 million dollars at the box office. Whether the franchise continues at MGM or not would seem to be irrelevant. If it's offered for sale, someone will jump on the opportunity to buy it.

MGM is currently almost $4 billion in debt thanks to a series bad business decisions and is desperately in search of a buyer.

Are you as bummed about this as I am? Lament the loss of the newest Bond film in the comments section below.