THE OSCAR NOMINATIONS came in this morning, and that literary action-adventure epic Lord of the Rings snatched the most preliminary honors. No matter what you think of the film’s achievements, it’s a semi-sad occasion because its success means more bucks go into the undeserving pockets of Saul Zaentz. The minor media mogul didn’t have a direct part in making the new Rings film but still profits from it. That’s because he owns all the film and merchandising rights to the Tolkein characters. (He got those rights when he funded Ralph Bakshi’s failed 1978 animated Rings.)

As we’ve noted here previously, Zaentz is infamous as the record label mogul who cheated Creedence Clearwater Revival bard John Fogerty out of his royalties and song rights. In a particularly sleazy misuse of the Creedence legacy, Zaentz recently leased Fogarty’s antiwar anthem “Fortunate Son” for a “patriotic” blue-jeans commercial. (The song’s re-recorded with vocals that fade out before the harsh messages start.)