Hobbit Movie in Four Years?

Antarctic Lemur writes "At the Powerhouse Museum LOTR Exhibition in Sydney, Peter Jackson has said a film version of The Hobbit is three years away at least. Reasons for the delay include the sale of MGM, which part-owns the movie rights to The Hobbit, and Jackson's recently filed suit against New Line Cinema, the other part-owner. Jackson is currently filming King Kong at his new facility in Wellington, NZ. Slashdot readers will also be interested in the high security planned for King Kong's pre-release screenings."