It’s being reported that Dan Trachtenberg will make his directorial debut on a movie titled Valencia being produced by J.J. Abrams’ Bad Robot for Paramount Insurge. The movie tells the story of a girl who wakes up in an underground cellar after a car accident who’s told by a strange companion that a nuclear attack has devastated society.

Trachtenberg is a commercial director who impressed with short films like More Than You Can Chew and the live-action Portal short No Escape, leading to feature directing jobs like Crime of the Century and the long-awaited adaptation of Brian K. Vaughan’s incredible graphic novel Y: The Last Man.

So what does this mean for the Y: The Last Man movie?

According to The Wrap, Valencia was recently given the greenlight by Paramount and a fall start is planned, which means it would be Trachtenberg’s first feature job despite lining up the others earlier. If all goes according to plan and it is the first project Trachtenberg will helm—which is very likely considering the movie has a microbudget of only $5 million—he obviously won’t be getting to Y: The Last Man anytime soon.

According to Brian K. Vaughan back in January, if filming on Y: The Last Man does not begin soon, the rights would revert back to Pia Guerra and himself. It would be the first time in over a decade that the rights would be back in the hands of the creators.

Most believe that if Y: The Last Man is to be adapted, then it would be much better off getting the lengthier and less restricted Game of Thrones treatment on HBO, Starz, Showtime, or maybe even Cinemax. Speaking of, it should be mentioned that the movie is set up with New Line, who is a subsidiary of Time Warner, the owner of HBO…so whether that would affect its chances of us seeing the dream scenario of it landing at HBO if the rights do in fact revert back to Vaughan and Guerra is unknown at the moment.

This is mostly speculative, of course. For all we know Vaughan and Guerra have decided that they don’t want to see it adapted after all, and will put the rights in a box and let it simply be the great graphic novel it is and nothing more for the time being.