"What's that I see, MGM? Me droppin' your ass!"

Guillermo Del Toro has officially stepped away from directing duties on The Hobbit, a film that for the past two years has really been more of a wish than an actual project. Guillermo made the announcement on The Lord of the Rings fansite TheOneRing.net:

“In light of ongoing delays in the setting of a start date for filming “The Hobbit,&rdquo I am faced with the hardest decision of my life. After nearly two years of living, breathing and designing a world as rich as Tolkien’s Middle Earth, I must, with great regret, take leave from helming these wonderful pictures."

He said he would continue collaborating on the scripts with Peter Jackson, Fran Walsh and Phillippa Boyens. Guillermo decided to leave the project due to the fact that most directors enjoy directing movies and floundering MGM doesn't have the cheddar to make The Hobbit a reality. Sure, they say they'll have the cheddar eventually, but if the company were dealing with a bookie, all of that lion's legs would be broken and his cubs would blindfolded and gagged in a room with leaky pipes. Lesson: don't make promises you can't honor. Now go back to your burgers and hot dogs, readers.