At one point very early on, the duo were talking about starting another New Line (and Ted Turner offered to put up some money), but I've since been assured they have given up on that dream/nightmare. Since they pocketed an extremely generous payout from [Jeff] Bewkes (unlike all those other axed NL'ers penny-pinched by Time Warner), that's what is being used to fund the new operation for the moment. But even though Bob and Michael are centi-millionaires, they're still intent on using that tried and true Hollywood formula to fund their new operation: Other People's Money.

OK, we're listening. But what's the catch?

They are looking for some outside financing so they can produce third party product. I hear Lynne is trying to raise the money through his "New York Cipriani" circuit. Tipsters tell me that he may even relocate to Los Angeles — for obvious reasons. As one insider explained to me, "Unless he's there watching the store, no one's giving him money to send out to Bob."

Yes, obviously! Anyway, to the extent any of this is actually true, here's a vital chance to be a part of history, like playing rhythm guitar with your favorite weekend-warrior bar band or — quite literally, perhaps — buying your very own John Waters movie, executive produced by [YOUR NAME HERE]. Don't expect anything in return, like a meeting with "Bob's pal" Peter Jackson or, you know, profit, but really, what price can you put on working with a pair of the industry's last true mavericks? Come to think of it, don't answer that — Shaye will have that figure for you when you meet. Just remember the magic words: Unmarked bills. Let's make a deal!

• Bob Shaye and Michael Lynne Set Up Shingle [DHD]

THE EXECS ARE PACKING... In addition to Shaye and Lynne, production boss Toby Emmerich has one of the 600 jobs threatened by the New Line overhaul. New Line's indie label Picturehouse, fresh off hard-won Oscar victories for La Vie en Rose but stranded by HBO's recent divestment from the company, is on deathwatch as well; it will likely be absorbed by Warner's own boutique shingle Warner Independent.

... BUT THE HOBBIT IS SAFE! Sort of. Assuming Bewkes can square up with the J.R.R. Tolkien estate, which is suing for not only the $150 million it says its still owed from The Lord of the Rings franchise but also to reclaim film rights to other Tolkien work, the long-delayed, two-part Hobbit prequels will forge ahead for release in 2010 and 2011.

FEWER MOVIES, MORE BLOOD. Warner Bros. is expected to slash production by at least a third, maxing out around 20 releases per year. Harkening back to the label's early, sleazy John Waters/Wes Craven days, New Line will handle the low-budget horror and comedy portion of the slate. Expect less Be Kind Rewind, in other words, and more Semi-Pro.

BRETT RATNER IS SAD. The noted fauxteur, whose lowbrow excretions from Money Talks to the Rush Hour franchise puddled in the New Line supply chain for the last decade, told The Hollywood Reporter: "They are family, and it's like seeing your family fall apart. ... Bob [Shaye] is the guy who bought the first pencil for New Line Cinema." Alas, if only marketing $70 million studio releases was as easy as calling Staples.

INTERNATIONAL POTENTIAL. The Golden Compass was the most recent and most expensive example of New Line's practice of selling off foreign territories for upfront productions costs, costing the studio nearly 75 percent of the film's $330 million global box office. WB's international presence means it can keep those rights, though it's mostly too-little, too-late with New Line's output deals soon expiring and cheap genre films pledged for the future.

NIKKI FINKE GETS TO BE EXTRA-ANNOYING. Yet another foregone conclusion appearing on Deadline Hollywood Daily begins with Finke shouting "TOLDJA!", thus terminating Gary Busey's all-too-short reign as Scariest Hollywood Trendsetter.

• Tolkien Estate Sues New Line Cinema [AP]
• Bewkes Nukes New Line [Hollywood Reporter]
• New Line in Warner's Corner [Variety]
• TOLDJA! New Line Folds Into Warner Bros [Deadline Hollywood Daily]