This from Variety:
"MGM has a 30-day right of first refusal to finance and distribute the fifth "Terminator" film, a right earned through the settlement of a lawsuit between the studio and Halcyon partners Victor Kubicek and Derek Anderson. According to sources, MGM has every intention of making a serious play for the franchise, potentially trumping Warner Bro's., which is distributing "Terminator Salvation" in domestic territories, and Sony, which is releasing the film overseas"
"Salvation" was a much riskier prospect then than the fifth "Terminator" is now. At the time, MGM made its decision knowing only that franchise linchpin Arnold Schwarzenegger wasn't returning, and the studio had only an early script by "Terminator 3" scribes John Brancato and Michael Ferris they developed with "T3" helmer Jonathan Mostow. That script has changed significantly, with uncredited work done by Jonah Nolan, Paul Haggis, Shawn Ryan and Anthony Zuiker. Though Halcyon hasn't yet set a writer for the fifth film, the prospects are strong because McG is returning as director, and Christian Bale will reprise as John Connor.
It sounds like this is going to boil down between two studios MGM and Halycon. Why should you give a cut turd? Because if this does not get resolved in a timely fashion one of the studios suit lackeys will decide to take it to court and then we could be waiting a very very long time for T5.