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MGM Files for Bankruptcy

Corporate raider Carl Icahn and the home of Bond reached an agreement, breaking the stalemate between the studio and the restless investor. According to court filings for Chapter 11 bankruptcy (which essentially means that they are asking the federal government to give them 30 days to pay off creditors and reorganize), the studio had "$2.67 billion of assets and $5.77 billion of liabilities" as of a month ago. As previously announced, the leadership of Spyglass Entertainment will take over management. Icahn will ultimately get to pick a seat on the board, and he made sure that MGM didn't have to take on some of Spyglass's pricey affiliates. [AP]