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Nope- in the US (unlike Britain) parties to a suit pay their own attorneys' fees, win or lose.
It is however very true that the Tolkien Trust is a fiduciary and as such has a legal obligation to recover monies owed to it.
It's no longer a question of "sucking New Line dry," since New Line as a legal entity has ceased to exist, having been absorbed into Time Warner (which is thus now responsible for New Line's liabilities).
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The entire plot of The Lord of the Rings could be said to turn on what Sauron didn’t know, and when he didn’t know it.
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