Few dawns have so quickly had their falsity revealed. Four years ago, Casino Royaleappeared to have energetically revived the James Bond franchise.

Satisfying both Fleming purists and post-Bourne adrenaline fanatics, the film was the first 007 picture since the 1960s to secure huge takings and consistently positive reviews. The follow-up, Quantum of Solace– though hugely lucrative – was roundly hammered by critics, but recent reports suggested the folk at Bond central were getting their act together again. Classy director Sam Mendes was scheduled to go behind the camera. Peter Morgan, writer of Frost/Nixonand The Damned United, was to pen the script. Then delays were reported. Now, following the financial implosion at MGM pictures, it has emerged that the film has been cancelled indefinitely. Michael G Wilson and Barbara Broccoli, head honchos at Bond production company EON, issued a somewhat vague statement on the situation.

"We do not know when development will resume and cannot comment further at this stage," they said. MGM is still desperately searching for a buyer as creditors circle, and the suspension of one of its key cash-delivery systems is not going to make that operation any easier. At any rate, noting the €480 million taken worldwide by Quantum of Solace, potential investors will eventually get on board for "Bond 23". Just don't expect it next summer.