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The big day that everyone in Hollywood has been anticipating with a mixture of dread, fear and, well, a deeper kind of dread that chills to the very bone is finally here. At midnight tonight, the Writers Guild's contract with the studios expires, a development that could quickly lead to the potentially catastrophic strike that's been looming™ since the moment the expiring deal was signed. So where do things stand on Grab Your Ankles And Pray It Won't Hurt Too Much Day? A round-up:

· Following yesterday's negotiating session, the WGA released this not-very-encouraging statement: "Today's negotiations began at 10:00 AM. No significant progress was made. At 4:30 PM, we informed the AMPTP that we would prepare a comprehensive package proposal for their review today. At 6:45 PM, we told them the proposal would be ready in 15 minutes. Management negotiators responded by saying they preferred to leave for the day and hear our proposal tomorrow, the expiration date of our contract." In fairness to the AMPTP, it's easier to look your adversaries in the eye and say, "Fuck you, you'll all be replaced with Final Draft plug-ins by the end of next week," after a full night of sleep. [WGA.org]
· Said the studios with a disappointing lack of profanity: "Both sides worked on modifications to their proposals. The Guild indicated that they were preparing a comprehensive package and would be ready to present it tomorrow. The mediator scheduled the meeting for 10 a.m. We are committed to a fair, reasonable and sensible agreement that is beneficial for everyone.

However, opportunities do not come without challenges. We will not agree to any proposals that impose unreasonable restrictions and unjustified costs. We will not ignore the challenges of today's economic realities, the shifts in audience taste and viewing habits and the unpredictability of still-evolving technology." [AMPTP.org]
· But good news, sort of! The Guild may not walk out on Friday morning following the general meeting they've called for Thursday night, possibly delaying a strike "until next week at the earliest." This means that you can spend your weekend feeling queasy from the profoundly depressing possibility of a strike instead of the disturbing reality of one in progress. [Variety]
· A "highly placed insider" psychoanalyzes the typical, unemployed WGA member, who just needs to lash out to feel something again: "In my mind, it always comes down to the fact that most of the membership doesn't work anyway, and they get to be just the same as everybody else for a day or a week or a month or more if there's a strike. They get to walk a picket line and vent their anger." [THR]
· TV screens "will not go black," but you'll quickly wish they would. Without Guild scribes to write their jokes, David Letterman and Jay Leno will begin each show by collapsing into the fetal position for the usual duration of their monologues rather than try to deliver unscripted observations on the day's news. Other unpleasant possible effects of a strike: Repeats, more reality TV, rampant layoffs, the overcrowding of coffee shops, a local increased incidence of prostate cancer, famine, war, pestilence, and death. [Variety]
· And what might next Fall's TV season look like if a strike drags on too long? Brad Grey's Anatomy, Thursday nights on ABC. Would that really be so bad? [Past Deadline]
· Studios have had plenty of time to ensure that they won't be caught with their pants around their ankles in the event of a walkout, at least on the features side: "For now, it's a television strike, not a movie strike. Everybody has done their films for 2008 and part of 2009. It would need a very long strike, six or seven months, to have an impact." [Variety]
· No matter what happens, remember this: If you believe in the magic of your dreams, one day the streets our strike-ravaged town will once again be filled with gamboling unicorns, and its wildfire-darkened skies with beautiful rainbows. [Unicornsunited.com]