Now according to the NY Post, producers Bob Farnsworth and Allen J. Schwalb don't even have the rights to the original story. The rights currently belong to Paramount Pictures and it seems that thankfully the Mountain has no interest in making a sequel.
"No project relating to It's A Wonderful Life can proceed without a license from Paramount," said a studio rep in a statement. "To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights."
Thank all that is holy that this nonsense will not go any further
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