MGM’s recent public financial woes have put the futures of potential cash cow franchises like “James Bond” and “The Hobbit” in question.

But instead of pushing through one or both of those projects to earn some almost guaranteed cash, Variety is reporting that the struggling studio has decided to produce a bigscreen adaptation of “The Outer Limits,” a sci-fi television series that aired on ABC from 1963-65.

MGM has apparently been quietly but rapidly moving forward on the project with writers Patrick Melton and Marcus Dunstan (writers of four of the seven “Saw” movies) already on board.

The news that MGM would greenlight an adaptation of a relatively obscure 60s TV show is shocking considering the studio is barely alive after six extensions on debt payments from its 140 creditors.  The fact that development on the highly anticipated “The Hobbit” and a new “James Bond” film have been halted adds to the bewildering nature of the decision.

Cale Boyter will oversee while Jon Shestack (“Ghosts of Girlfriends Past”), Jeremy Stein and Mark Victor will produce.