EXCLUSIVE… 2ND UPDATE: Insiders tell me that Relativity Media, which is long backed by New York-based hedge fund Elliott Associates, is joining the expanding list of Hollywood types who want to see nearly bankrupt MGM become a stand-alone but restructured studio. To that end, Relativity has offered a $500M investment in MGM so the studio could start making new productions including more James Bond, The Hobbit pics, etc. It’s not Relativity’s aim to get involved with managing the studio, just to take over a lot of control over the production side. I hear this offer was made 3 weeks ago and kept under wraps. But others have already made similar offers, including News Corp and Qualia Capital, the investment fund run by Amir Malin and Ken Schapiro. The only question now is whether the bondholders, since the studio auction looks busted, will allow MGM to take one of these offers and make more movies — or, worst case scenario, push the studio into bankruptcy.