The Shadows Can Wait, Apparently.
Yesterday Kevin Mckeever spoke at A-Kon in Dallas. I was there in the room and he stated that at this point, absolutely nothing has happened with the movie other than that WB and Tobey Macguire's production company have acquired the rights. All that means is that they they now have the option of making the movie. To quote him "There is no script. There is no director. There are no actor. There is no budget" etc. There is no movie whatsoever as of this time. That does not mean that some guy in WB somewhere is not doing something to make these things happen, but I'd guess you'd have to get some sources over at WB to find that out. I asked him what rights they'd gotten and he basically said everything. They can make a film set in any time period about any subject whatsoever. He said "They can make a film about the Dana Barbie dolls if they want" by way of example. So this film we're talking about could be just about anything. Furthermore, it sounds like it's pretty flexible as to how WB "interprets" the canon.
McKeever also said that the next animated film is "on hiatus" because WB doesn't want what HG is making to get in the way of the live-action. So the live-action has to come first before we see The Shadow Rising film. Suck. However, he did say production had started, but then he said how far it had gotten was classified. The movie definitely will happen (provided WB doesn't just keep stalling for 10 years or something).
(See it at the forums here. Link via RobotechX.com; thanks to my pal Evan Cass for pointing it out to me.)