William ... you said
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I should point out of course that Party A took nothing resembling 'extraordinary additional steps.
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Could you please name for me another situation in which an author sold film rights to something and then years later had it repackaged in a longer book length form and it had the effect of rendering some of the original film rights to lose their value?
I would call that extraordinary additional steps. But if you can find other instances to show that it is an ordinary business practice in the publishing or fim industry, I would be happy to read about them and change my mind and statements.
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If UA were really interested in The Silmarillion film rights, they could have bought them from JRRT. They did not.
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In point of fact, they did buy the only published Silmarillion based tales in 1969. They did just what you said they should have done.