J.R.R. Tolkien’s family had put a stop to the production of The Hobbit movie. The Tolkien family sued New Line for at least $150 million in damages for failing to pay 7.5% of gross receipts from the three Lord of the Rings films, which brought in an estimated $6 billion combined.

But thankfully both parties have settled on an undisclosed amount.

Christopher Tolkien said, “The Trustees regret that legal action was necessary, but are glad that this dispute has been settled on satisfactory terms that will allow the Tolkien Trust properly to pursue its charitable objectives. The Trustees acknowledge that New Line may now proceed with its proposed films of ‘The Hobbit.‘ ”

Did you hear that? They can now proceed with The Hobbit!!

So, I’d officially like to toss my name in the hat to play the starring role of Bilbo Baggins! I think I could look like him with a little makeup…

SlashFilm is saying that production for Peter Jackson and Guillermo Del Torro’s film, The Hobbit, might NEVER getting made.

“The bottom line is that the Tolkien family claims that they’re owed $220m from New Line to cover back profit payments from the Lord of the Rings trilogy. The family heirs are suing New Line claiming breach of contract, and as part of the suit are asking to recover all further film rights to Tolkein’s work. If that somehow went through, The Hobbit film (as currently set up at new Line and MGM) would be toast.

In 1969, JRR Tolkien sold the film rights for 250,000 pounds and 7.5% of future profits. But the family says they haven’t been paid anything out of the trilogy’s $6b worldwide sales.”

Hopefully things will be worked out. Because I love the book and would want to see the movie.. But, I also hope the family gets what’s rightfully theirs.