Then it would probably be considered a prequel to the LOTR, rather than a Hobbit sequel. That I could see, but lets face it- those hobbits weren't up to a whole lot during that time. The few things that did happen might be worth a scene or two, but no more. It would actually be interesting to see Sauron's return to power, etc, provided it was done well and they were able to get most of the principle actors to return.
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