Relativity’s remake of The Crow has just been one slow-going process. Between the actors and directors leaving, and the studio forced to declare bankruptcy, it is beginning to look like the remake is never going to happen, at least not under the Relativity banner. And now it is about to get worse.

Because of the studio’s financial woes, director Corin Hardy is reportedly just steps away from walking out on the project, which has forced producer Edward Pressman to make the necessary moves to protect the film from being considered as an asset for the studio to sell. More on the story below.

The Wrap says Pressman filed the objection in U.S. Bankruptcy Court in New York because he believes that Relativity doesn’t have the interest for the project. Relativity has invested “in excess of $7 million” in “The Crow” remake; this includes acquiring and maintaining any prequels, sequels, and remakes, which amounts to an additional $2.5 million. He doesn’t want Relativity to be able to include The Crow as an asset that will eventually determine the sales price of the studio. The producer also doesn’t believe that the studio can follow through on their contractual obligations, which include starting principal photography in three years since the deal was signed – there are 18 months left on the contract – and releasing the film in no less than 1,000 theaters – which costs up to a minimum of $10 to $12 million, the kind of money a studio simply doesn’t have after suffering through a financial crisis. If the remake doesn’t start to shoot in those 18 months, then the rights revert back to Pressman.

As a result of the studio’s financial problems, Hardy is considering walking away from the project entirely. Hardy replaced F. Javier Gutiérrez, who was initially attached to the project but left to direct a remake of The Ring.

The report adds the project is “in danger of losing the services of the director of the picture “¦ who is widely regarded as a key creative element. Thus, the production of the picture is imploding even as the time to make the picture is running out under the Crow contract.”

Various studios have expressed interest in purchasing the rights to The Crow remake, but Relativity has turned down every offer, turning the film into the studio’s most valuable asset. However, it’s not clear which studio is making a move for the film.

For The Crow remake, it has been one problem after another that just prevented the project from ever entering principal photography, and with this latest setback, it looks like the film isn’t happening any time soon. When last we heard, Boardwalk Empire‘s Jack Huston had been cast as the lead, but has reportedly dropped out of the role, while Andrea Riseborough was in talks to play the villain.

[Source: The Wrap]