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It would be interesting, to say the least, if the rights reverted back to the Tolkien Estate. I suspect that at this point they (and by 'they' I principally mean CJRT) probably wouldn't kill off the movie, BUT you can imagine the Estate wanting script approval.
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That might not be a bad result. If CT had been active in LOTR movies some
of the worst "innovations" might have been avoided. But my impression is
he hasn't ever been in favor of movie adaptations.