Sony halting ‘The Green Hornet’ again?

Well, after two previous attempts to bring ‘The Green Hornet’ to the screen failed,  rumor has it that Sony’s 3rd try may be pulled altogether.

According to Drew McWeeny over at Hitfix:

Ever since Stephen Chow started to waffle about his participation in the film, I’ve been hearing rumors that there were major hesitations at Sony. Then at Sundance, I heard several people say that the film was off completely. I spoke this afternoon with a source close to the film, and while they didn’t call it completely dead, they did say it is “highly unlikely” that the film will shoot in 2009 at all.

That’s a shame. I’m not going to pretend to have some lifelong passion for the character or the property… I doubt anyone my age is genuinely nostalgic about “The Green Hornet,” since it’s really a relic of an earlier age. The TV show was in the ’60s, and the radio show predates that. But I am aware of the property, and Bruce Lee playing Kato means that there’s some historic relevance that they can play off of. I liked the idea of Seth Rogen and Evan Goldberg revitalizing the material, and when they were talking about Chow as director and co-star, it seemed like a can’t-miss proposition. Seth even trained for the movie, and if you’ve seen him in the last few months, you probably noticed how much leaner Seth was looking.

Sony still has it on its schedule and a website… with a June 25th, 2010 release date. Hopefully Seth Rogen can find a new director so the project can go forth.  Any thoughts? Is the project still salvageable?