1. if it's a split-up "Hobbit" film, it will lose momentum and drama. It just doesn't work...
2. If it's a story cobbled up using Tolkien's "Appendixes" and "Unfinished Tales", it would be
even worse. There is no real linear, character-driven story. It would just be a muddled mess
of a documentary-style thing. Tolkien never intended these notes to become a narrative.
What are we going to watch for 2 hours? It sounds ridiculous.
If they had to make another movie, I'd propose a short film (30 mintes approx.) shown after the "Hobbit" film
about The Necromancer.