Movie director Guillermo del Toro Hellboy 2, Pan's Labyrinth, Blade 2) has stepped down from the director's chair on long-awaited Hobbit film. The production of the movie was originally suppose to kick off this year, albeit it suffered numerous delays due to the financial woes of studio MGM. The Hobbit is actually a two-part prequel to New Zealand filmmaker Peter Jackson's trilogy Lord of the Rings.

"In light of ongoing delays in the setting of a start date for filming The Hobbit, I am faced with the hardest decision of my life," del Toro told a Lord of the Rings fan website. "After nearly two years of living, breathing and designing a world as rich as Tolkien's Middle Earth, I must, with great regret, take leave from helming these wonderful pictures," he said, stressing that the production of the movie did not receive the green light from MGM (Via Yahoo Movies).

Oh damn diddly-doo-dah, I was really looking forward to this. Hope they find a decent director (actually, let's hope they find any director).