As of early December 2009, 16 companies had expressed interest in purchasing all or parts of MGM, although only two had actually negotiated a confidentiality agreement that would allow them to examine MGM's financial statements. "The Hollywood Reporter" said Warner Bros., 20th Century Fox, and Lionsgate were the leading suitors for the company. Industry observers worried, however, that buyers might only bid on a few of MGM's assets such as the James Bond film franchise or "The Hobbit" film which would draw bids of less than $1 billion. At least one industry trade publication said creditors would accept offers amounting to $2 billion for parts or all of the studio. Even a bid or bids totalling $1.8 billion might be accepted, industry observers said, if the buyer agreed to "schmuck insurance" (the right to convert debt to equity, under certain conditions and time-frames). On December 18, press reports said that News Corporation's 20th Century Fox film studio had been interested in purchasing MGM, but that News Corp. could not agree to the "restrictive" terms of MGM's nondisclosure agreement, which (in part) do not permit potential buyers to speak with MGM's creditors. The strict terms of the nondisclosure agreement also led two other potential buyers to refuse to participate, and several others were negotiating over the terms and unable to participate in the process. The due diligence process was "going slowly" one trade publication reported, with only four of the potential 20 companies participating as of December 18.