EXCLUSIVE: Uh-oh. Internal Warner Bros. marketing memos seen by a FishbowlLA source reveal that the studio is calling audiences' reaction to "Poseidon" "total concept rejection."

It's an amusing turn of phrase, and thus far, the best one we've seen to describe what's going on with the film. Of course, if the movie does tank utterly, as Warner's seems to think it has, the next question is: What about "Superman?" Privately, marketing executives say that Warners is fretting mightily about how - and if - the reintroduction of the iconic character will fly in a $200 million bet.

"If 'Superman' fails," says one former marketing chief, "someone's got to go."

In the meantime, "Poseidon" financier Virtual Studios has lost its CEO, Benjamin Waisbren.

Per the Wall Street Journal,

"In a meeting early last week, Benjamin Waisbren, the executive who ran Virtual Studios for the Midwest hedge fund Stark Investments, agreed to depart the company, where he had worked for about three years. In an interview, Mr. Waisbren declined to comment on the details of the separation, other than to say it was a mutual decision. 'I'm continuing to be active in the film industry,'" he said.

Yeah, well, unless your name is Shelley Winters, don't hold your breath for that.