The plan is thought to involve existing creditors assuming control of the studio in a debt for equity swap and selling stock to another investor, who could include one of the hedge funds currently involved with the studio.

Six bidders were invited to participate in this second round of bidding after allowing them access to internal accounts. Two of these bidders are believed to be Time Warner and Lionsgate, with the former sitting on a $5 billion cash pile thanks to the sale of its cable systems last year.

One company that won’t be bidding, according to The Wrap, is News Corp. A proposal back  in January involving a cash infusion and debt restructuring received no response from MGM and News Corp. has no intention of bidding before MGM’s deadline.

MGM is due to make a $259 million repayment in April, with a further $1 billion – out of a $3,7 billion debt – due to be repaid in July.

Arnold’s credits include Stargate, Independence Day, Godzilla, Hot Fuzz, Zoolander, Little Britain and the last five James Bond films and in his talk covered such topics as how he creates a score for a film; working with directors and dealing the the movie business and what it’s like to write music for 007.

Some of the Modernism Week’s highlights include a much-anticipated exhibition opening at the Palm Springs Art Museum on modernist architect John Lautner; a symposium and tour of tour of Lautner architecture, as well as a chic soiree at Lautner’s famed Elrod estate, famous site of the James Bond film “Diamonds Are Forever.” Other highlights include:

• An exclusive home tour in and around Palm Springs with a reception at the Liz Taylor estate
• A fun gala at the rarely-visited Steve McQueen estate
• A glamorous fashion show of vintage fashions
• An exhibit of vintage Airstream travel trailers

The Presenting Sponsor of Modernism Week 2010 is once again the City of Palm Springs, among other sponsors: ACE Hotel & Swim Club, Design Within Reach, Orbit In, The Hideaway, Paul Kaplan Modern Real Estate, Small Hotels of Palm Springs, TRIO Restaurant, The Horizon Hotel , koffi, the Camelot Theatres, Vacation Palm Springs, Greater Palm Springs Realty, Riviera Resort & Spa, and Airstream.

For tickets, general info and full event schedule for Modernism Week visit www.modernismweek.com.

While the studio received several bids, unnamed insiders say they will almost certainly require operating MGM without the current debt obligations according to an article in the New York Times. The studio currently pays $300 million each year in interest repayments on  £3.7 billion loan, with a $1 billion repayment due next June.

MGM was picked up for $5 billion in 2004 and is currently owned by a consortium consisting of Sony, Comcast, Providence Equity Partners and TPG.

The first round of bidding for troubled MGM are is due to end at the end of the week according to the Wall Street Journal., with around a dozen serious bidders wanting to pick up the scraps of the studio.

The bids are far below the $3.7 billion owed to MGM’s banks according to sources with bids typically in the region of $2 billion and some in the region of $1.5 billion. If the auction is unable to raise enough cash then the studio is likely to enter Chapter 11 bankruptcy protection while a buyer is found.

All this uncertainty may be having an impact on pre-production work for Bond 23, although reports from different sources are contrdictory. On one hand the producers seemed to say that work was on hold until the situation was clarified, but MGM denied this and it has been confirmed by sources close to Sam Mendes that he is discussions with the producers.

Should he accept the role he is likely to be employed initially as a consultant, although it is wide believed that this is a technicality and he will direct - joining as director would trigger a opayment from MGM which would make it more difficult to take Bond 23 to another studio if necessary.

Posted via email from James Bond Dossier

Mendes’ best known film to date is American Beauty, but he previously worked with Daniel Craig on Road to Perdition. According to Deadline Hollywood the director is being hired as a consultant, with Daniel Craig insisting on Mendes coming on board to avoid a re-run of Quantum of Solace.

While it is likely that if negotiations are completed he will direct Bond 23 it appears that his employment as a consultant is to avoid triggering a payment from MGM, which they want to avoid – with MGM’s future in doubt they may want to take the Bond series to another studio and therefore avoid any complications of ownership.

He revealed that he worked on the script between July and October but work has been put on hold at least until February due to the ongoing sale of MGM. Bond 23 is currently expected to start filming toward the end of 2010, with a release date in 2011. However, the uncertainty created by MGM’s position means that this could be in jeopardy.

One of the weaknesses of Quantum of Solace was the script, which was hurriedly completed by Paul Haggis to beat the writers’ strike; essentially unfinished, the script was being revised during filming. The early script work shows that Eon appear to have learned their lesson from that and want to make sure it is in the bag before going any further.

Ian Fleming carefully kept the original manuscripts for his James Bond thrillers, in addition to pre-publication book proofs and author’s copies that include summary notes in his own handwriting. For researchers and fans, these represent incredible views into the origins of the 007 character and the mind of his fascinating creator.

A sampling from among these one-of-a-kind texts will be displayed as part of the Bond Watches, James Bond Watches exhibit at the National Watch & Clock Museum, opening June 17, 2010. This loan was made possible by special arrangement with the Lilly Library at Indiana University, Bloomington, IN.

“We can tell a lot by looking at the actual pages as Mr. Fleming hammered them out at the keys of his Imperial portable typewriter,” notes Dell Deaton of JamesBondWatches.com and guest curator for the Bond Watches exhibit. “The ‘Rolex’ reference in Live and Let Die, for example, is first-draft.

That, then, specifically dates it to February or March of 1953 — and establishes a context for examining the role that his friend Commander Jacques Cousteau may have had in providing input on the brand.

Thunderball, of course, shows how Ian Fleming created the first Bond gadget-watch, in 1960.

“There’s also what we can see as iterations progress. This National Watch & Clock Museum display, for example, will include three versions of On Her Majesty’s Secret Service that reveal Fleming’s interesting focus on wristwatch-related details,” Deaton continues. “There’s a curious continuity error that started with the manuscript when it was written at Goldeneye and made it all the way to the ‘Uncorrected Proof’ binding, but which was caught and corrected before the first edition book run and serialized publication in Playboy. We’re planning to show this complete progression as part of this special exhibit.”

The original James Bond manuscripts, author’s first editions, and other materials were acquired by the Lilly Library in 1970. Thus, the Bond Watches, James Bond Watches exhibit will mark the first time in four decades that the original 007 wristwatch (Ian Fleming’s Rolex 1016 Explorer) and the 1962 manuscript in which it is referenced will be displayed together.

“The National Watch & Clock Museum is extremely grateful to Indiana University and its Lilly Library for the loan of these materials,” Museum Director Noel Poirier adds. “Through the years, we’ve been able to enter into cooperative exchanges such as this with a variety of other institutions, expanding the reach in sharing what we’ve preserved from the history of timekeeping. It allows us to broaden the context of exhibits such as this, showing not just the watches, but the culture and period in which they were important.”

The article tells the story of how the museum’s founder, Peter Nelson, found the Lotus Esprit from The Spy Who Loved Me on a scrapyard in the Bahamas.  In addition to the Lotus, the museum has on display the tuk-tuk from Octopussy, the speedboat from Live and Let Die, the parahawk from The World is Not Enough and the Aston Martin Vanquish from Die Another Day.

However, the star of the museum is undoubtedly the Aston Martin DB5 tricked out with revolving numberplates, machine guns and other option extras.

The Bond Museum