Dropped Like a Bad Hobbit

That sound you hear is the weeping of geeks...

From the AP:

WELLINGTON, New Zealand - Peter Jackson says he will not be directing a
movie based on J.R.R. Tolkien’s novel “The Hobbit” or a planned prequel to “The
Lord of the Rings.”

In a letter posted on Theonering.com., Jackson and partner Fran Walsh said
an executive from New Line Cinema had called to tell them the studio was moving
ahead with “The Hobbit” without him.

Of course, it all comes down to money:

The announcement came amid an ongoing dispute between Wingnut Films and New
Line Cinema over the amount Jackson was paid for “The Fellowship of the Ring,”
including DVD payments.

While Jackson hasn’t said how much he believes he was underpaid, The New
York Times last year quoted his lawyers as saying it was as much as $100
million. He is suing New Line Cinema over the shortfall.

Ah, yes, my dream in life: Being able to whine about my 'underpayment' of $100 million. Some people have found the ring... Must be nice.
Never having to shave or bathe again...priceless