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Batgirl movie cancelled after already $90 million spent (UPDATE)

How does this happen?

It's not really important but you have to wonder about all this.  Reportedly, the production company spent $90 million but now the movie has been cancelled.  Let's say that it's not $90 but really $30 why not still the money is gone?  Why would they cancel the movie after having spent so much money?

(1) The movie is so bad...that's unlikely there are plenty of terrible movies that were released and went directly to video.  So this is very unlikely to be the truth.  I mean there are plenty of terrible movies that are released.

(2)  The right to the story has not been paid and not agreed to a new price.  It was so much that the production company decided "fuck it"

(3)  Movie is really bad and the distribution company is suing because the movie is bad, the only way out is to make it disappear.

(4) Aliens are about to attack earth!  

Personally, I will support #4

Anyway, have a good weekend.

UPDATE:  So on a number of articles about this it seems that although MGM spent $90 million because of accounting rules, there are no consequences for the studio.  Typical BS denial, because $90 million is $90 million.  The reason is that MGM wants its books to look good for possible sale, and the new CEO wants to world to know he's the boss, not the fans.  All this sounds so stupid that it's bound to be true.  In an effort to make his company look better he's keeping losses off the book -- really buyers don't read newspapers?  Also to tell the fans of the Marvel Multiverse (apparently it's a thing) that they are not the boss is so incredibly missguided as to be almost certainly true.

Then again when Hertz was in the middle of its bankruptcies it almost raised $500 million from investors that would probably see a 50% to 70% haircut (e.g. loss). 

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