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Oh, I'm sure they are stretching it out quite a bit (perhaps even having wrong Lothlorien elves hanging out at Rivendell by chance). But the subtitle of the second film is "There and Back Again," which much more strongly implies the conclusion of Bilbo's adventures in The Hobbit.
Oh well, we'll see. I rather like your notion better, Moonliner - because I think splitting this small tale into two separate admission films, released a year apart at that, is a wee bit retarded ... and, ya know, craven.
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