MGM, struggling under staggering debt, is now in the hands of its debt holders - people who are ill-equipped to run a movie studio. The power holders are scrambling to work out a deal with another studio to partner on a slate of new films - a necessity if the studio is to remain alive. However, its once rich library of classic films has decreased in value as sales of DVDs continue to slide. MGM's one remaining lucrative franchise, James Bond, has been put on indefinite hold by the producers, who cite the uncertainty of the studio's future. MGM has only one film slated for release this year: the yawn-inducing remake of the Cold War film Red Dawn - and it doesn't even have a marketing plan. Warner Brothers has made a bid for MGM for $1.5 billion, but shareholders say that would leave them with losses totaling over $500 million. For more click here