Not long ago, we told you about MGM’s impending financial crisis which threatened the life of the company, as well as the franchises that MGM holds. It seems that the situation has only gotten more dire for the studio: Variety is reporting that they will essentially be auctioning off all of their assets within the next several weeks.

This could mean a variety of things for the 85 year old studio. One studio may grab the rights to their name and lion roar, while another may purchase some or all of the 4,000 titles in their catalog. It’s very likely, though, that we’ll see one of the big dogs like Time Warner grab much of what is at stake.

According to Variety, “some specialists in film libraries consider its list of titles to be geriatric.” This seems to be hogwash; there is plenty of value and enticing properties within MGM. I mean, come on. They own Doctor Zhivago. Classics remain classics despite their age.

MGM still stands a chance of perhaps pulling through, but it doesn’t seem likely. Its two heavy hitting franchises, The Hobbit and the James Bond series, are strong enough to pull through this disaster and find homes elsewhere. And remember: any property being acquired by another studio means that a new life and new spin on them could be put into place.

Disaster can breed creativity and spin things into new directions. It’s only a matter of time before we see what becomes of MGM’s properties.

Well, it may not have been the most in-depth update, but being the star of the film I think we can trust what Daniel Craig tells us.

Craig is currently starring in the Broadway production of A Steady Rain with fellow Hollywood star Hugh Jackman. After a recent performance, Craig was graciously signing autographs for fans waiting outside the stage door exit when he was asked the question we’re all curious about: When do we get to see 007 back in action?

In a brief yet direct response, Craig informed the fan that they’re going to begin filming James Bond 23 at the end of next year.

It’s not much to go on, but considering that MGM’s financial issues presented the possibility of bankruptcy, it’s reassuring to hear from Mr. Bond himself that the movie is still taking place.

The script for Craig’s 3rd Bond performance is still being worked on, and James Bond 23 is still without a director, but if what Craig said is true, MGM has over a year to get everything tied together to start filming.

Yesterday, a large conference call took place between MGM executives and bondholders in which the former “made a desperate plea for money because the studio had missed its numbers and was going to be out of funds very soon.”

That’s right, ladies and gentlemen, MGM may be on the verge of bankruptcy — at least, that’s what an initial glance at this plea seems to indicate. Metro-Goldwyn-Mayer, producer and distributor behind The Hobbit, the James Bond film franchise and the upcoming Fame and The Cabin in the Woods (along with a large catalog of classics), is said by a source to need “an additional $150 million to get through the end of year and continue funding its projects, and to start Peter Jackson’s Hobbit.”

The only semi-productive avenue for the bondholders seemed to be allowing MGM to slip into bankruptcy and collecting their funds, which would essentially (amongst other disastrous consequences) deprive MGM of the 007 franchise and The Hobbit, along with many other tentpole franchises they own the rights to.

This would be a crippling blow to both MGM and fans — the next entry in the Daniel Craig series of James Bond films is a highly-awaited blockbuster, while The Hobbit has a built-in fan base the likes of which few properties hold. Without these two alone, MGM might as well fade into dust.

For now, MGM is in the process of “formally asking for forbearance,” which will delay this gloom and doom scenario while MGM restructures itself. Fingers crossed that they get their act together, without the repercussions of bankruptcy.

More updates as this situation unfolds.

Darren Aronofsky might not be the one to surge some life into this possible reboot of Robocop. For a little while now, Robocop has become one of many 80s cult movies to get the remake status, which is bad for most people who adore the movies. In this case though, it’s not just a mere matter of trying to find the right actor to play John Murphy before and after he’s made into a cyborg, but MGM who needs to find a director to hold onto.

Could this remake potentially go ED-209 and rip it to shreds?

Aronofsky has another project in development, which is the Natalie Portman starring film Black Swan. Although this film will most likely be filmed and readied up for sometime say around 2011, MGM also wants Robocop to be released within that same year. Meaning, he’s going to have to quickly jump from one piece to another lickety split. With the probability that Darren will be able to tackle both of these films seemingly low, MGM already is keeping their eyes out for possible replacement directors to fill the void of the action drama. Who will it be? Who do you think it should be? Do you think they should bother touching Robocop at all? Let us know, we want to hear your two cents on the topic.

Straight from the good people at Latino Review is the full trailer of the latest remake to spawn into theaters, Fame. Newcomer Kevin Tancharoen directs the 1980 remake from United Artists, MGM and Lakeshore Entertainment. The story revolves around an updated version of the 1980 musical, which centered on the students of the New York Academy of Performing Arts (IMDB). Expected to burst out musically onto the scene on September 25th, this full trailer gives us a better taste of what is to come. Granted, it does not have the same sort of feel as the original, it still obviously is trying to be its absolutely talented best.

Enjoy the Trailer below:

In a not-so-surprising report, three people latch themselves on to pen the 23rd installment of the popular James Bond movie franchise. Returning writers Robert Wade and Neal Purvis, who co-wrote the four most recent Bond flicks, team up with Peter Morgan (Frost/Nixon) to bring the british secret agent into more dangerous adventures. Daniel Craig, who played the dashing agent 007 in Casino Royale and Quantum of Solace, will be making his return back into the coveted role.

Purvis and Wade have both shared great credit for penning other features such as Johnny English. After wrapping up the two movie story arc from Royale and Solace, the possible plot details are completely open in the imaginations of these three screen writers. Producers of this MGM film will also be Barbara Broccoli and Michael G. Wilson.

MGM decided to finally get their little ducks in a row and are going full steam ahead with their latest upcoming film, The Three Stooges. The famed trio, recently announced, will be Sean Penn (Milk), Benicio Del Toro (Che) and Jim Carrey (Yes Man). Despite what you all are thinking right now, no it is not a biopic, I’m sorry to disappoint. The story will be set in modern times, still maintaining the typical Stooges slapstick comedy.

Penn, Carrey and Del Toro?

For those of you who did not know, there was actually a biopic for the Stooges made for TV revolving around Moe, the leader of the group, back in 2000.

Bob and Peter Farrelly (The Heartbreak Kid) will be producing, writing and directing the latest comedy coming from their great arsenal of films. Originally the film was due to be four separate short flicks, but putting it together for the big screen means they’ll have to squeeze the four into one for us all to see. Within the story, there is rumor that one scene will have to do with them being in an orphanage when they were kids (special effects for this scene?). The rumored release date is November 20th but that is subject to change depending on what all sorts of happenings go on with the MGM flick.