HobbitWatch - Update #1: Jackson Finds "Hobbit" Direction "Impossible"

In case you missed the earlier announcement, here it is...

MGM Chairman says Jackson finds it "impossible" to direct this project:

MGM Chairman Harry Sloan, who was credited by all parties for bringing about the deal, said Jackson found it "impossible" to direct the film and meet proposed release dates in 2010 and 2011 due to other projects on which he is now working."He can't get it scheduled and he doesn't want the fans to have to wait for the next two movies," Sloan said. He said the studios might postpone the films if Jackson changed his mind.