They only have the rights to the appendices. I have said this literally multiple times. The appendices are not a complete story.
So literally they are not adapting a novel like Lord of the Rings, where you have dialog, events and characters that are well defined.
I said this before and you keep ignoring it in order to make your argument.
Meaning, this is not like Lord of the Rings which adapted a complete story written in books.
This is a mostly made up story that only loosely follows the appendices.
In reality it is an "imagining" or "reimaginng" of events of the 2nd age.
It is not literally an adaptation of a complete work or series of stories of the 2nd age.
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See above. Literally they only have the rights to the appendices and to use those as "inspiration" for their own made up story set in Tolkien's 2nd age. You keep debating this but agreeing with it at the same time. Meaning these are possible ways for the events to have happened, but because there is no explicit source material on all of the events of the 2nd age, it is literally not an adaptation. Comic books with multiple issues and chapters are not a comparison for this, because Marvel owns the IP and can reinvent these stories and characters however they want.
You keep trying to throw around the word adaptation as if it is trying to follow a very detailed story when it isn't versus simply being a made up story with the rights to use characters and settings from Tolkien. That is literally all this is. And if you agree then what is the point of continuing this line of discussion?