No LOTR Prequel?

Guillermo del Toro at the LA Film Festival yesterday hinted that there is actually a possibility that the Lord of the Ring prequel movie may not even be produced. From Defamer:

"We believe there is a second movie," del Toro said during a discussion at the Majestic Crest. "If there isn't, there will not be. If we find it, we will shoot it, but by God, if we do not find it, we will not shoot it. I am anxious to shoot the book, and I'm willing and able to dedicate myself to shooting the [second film]."

It's trickier than it sounds, though; the second film, which would apparently bridge the gap between The Hobbit and The Fellowship of the Ring, can only draw on the novels to which Jackson holds the rights. The rest of the background or ancillary literature (and there's a lot) is off-limits. "In the four books that are in the domain of the copyright, there are appendices and ideas and things that can be traced without risk," del Toro said. "But I have to be careful not to overstep. We believe there is a way to create this film and make it interesting, but it's too early."

Honestly I am not concerned, the amount of potential money is massive and too hard to ignore, regardless of creative concerns.