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A story from Sci-Fi.com, this sounds promising:
Coscarelli Talks New Phantasm
Don Coscarelli, creator of the Phantasm films, told SCI FI Wire that it's been a long and bumpy road to resurrecting the horror franchise and detailed how he wound up in final talks with New Line Cinema to oversee a fifth Tall Man tale. "About a year ago it became apparent that there was renewed interest by the studios in the cult-classic horror franchises from the late '70s and early '80s," Coscarelli said in an interview. "I was subsequently solicited by a number of executives about Phantasm."
Coscarelli wrote and directed the first four installments. "The general take these execs had was to do a generic remake and cast it with young actor-types from the WB network," he said. "This did not appeal to me. But I did give it some thought and came upon an approach which I thought might work for the 'mall audiences' these executives covet, and at the same time also appeal to our hardcore, longtime 'phans.' That's no easy task, by the way."
Coscarelli, riding the success of his 2002 cult hit Bubba Ho-Tep, started collaborating on a script with Phantasm comic creator Stephen Romano. He also met Jeff Katz, a "genuine horror fan" and New Line executive. "[Katz] 'got' the concept and was rabid in his enthusiasm to bring us into the studio," Coscarelli said. "He was also keenly aware that Angus Scrimm [the Tall Man, the films' creepy and lethal grave robber,] and Reggie Bannister [Reggie] would be crucial to the success of any further Phantasms. When I asked Angus if he was ready to pull on the tall boots and continue his invasion of the planet, he said, 'Tell them I'm not ready to hang up the old balls yet.' And Reggie is chomping at the bit to break out his four-barrel shotgun and burn some dwarf ass."
Coscarelli added: "By the way, the response from the Phantasm fans to the announcement has been overwhelming ... and humbling, actually. Now the pressure is on to make something good. I won't be directing this Phantasm, just producing. After all, how many Phantasms can one make in a life?"
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