The Hobbit in July 2007?

[Child of the 7th Age]

Here is a copy of what One Ring quoted from variety....

Variety (via comingsoon.net): In a Variety article talking about
MGM's move back into the tentpole business, the trade mentions a few
highly-anticipated projects that are in the works:

'Over the next few years, MGM is planning to release half a dozen films,
some in the $150 million to $200 million-plus range. Studio is ready to
unveil such high-profile projects as "Terminator 4"; one or two installments
of "The Hobbit," which Sloan hopes will be directed by Peter Jackson; and a
sequel to "The Thomas Crown Affair" with Pierce Brosnan.

Two installments??