Guillermo Del Toro Leaves The Hobbit

I'm sure this news is just now getting out. The Lord of the Rings fan site The One Ring has received and posted a press release announcing that director Guillermo Del Toro has dropped out of the two part adaptation of The Hobbit, citing both the financial collapse of co-producing company MGM and other commitments. The film was set to hit theaters in December 2012 but at this point unless a new director is found and things are worked out I doubt it will. You can see the full release here-http://www.theonering.net/torwp/2010/05/30/36920-guillermo-del-toro-departs-the-hobbit/