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If the Estate sold those rights, would a film maker have the legal right to make that film?
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Ah, I see where you're going. You're suggesting that, were the Estate hypothetically to sell the film rights to The Silmarillion, then Zaentz would be able to attack that sale, or rather part thereof, on the basis that he already owns the film rights to specific incidents included in the Appendices to LR.
Possibly so.
However
A) it ain't gonna happen
B) the issue turns on whether JRRT sold UA an
exclusive or
non-exclusive license. If the latter, the Estate is free to sell another license to somebody else
C) the issue also turns on whether the JRRT/UA contract explicitly excluded the Elder Days- which well it might. Tolkien was very protective of that material.
(B) and (C) of course are irreducible unknowns, so long as the actual contract remains secret. And the whole exercise is moot, given (A).