Ten years ago Daniel Myrick and Eduardo Sanchez hit the big time when their super low budget sleeper hit the big time and made them overnight stars of Hollywood with The Blair Witch Project. The film cost less than $100,000 and reaped over $250,000 worldwide, making it possibly the biggest profit vs expenditure film ever made. It spawned a sequel (i liked it) and then as rumours of a third film set back in the 19th century circled it promptly lost its favour and died. Now Sanchez and Myrick are back with their own "true" sequel and ready to move into pre-production.
Neither of the two were happy with Book of Shadows and made it very public even before its release so now it seems they are both keen to reclaim what they see as rightfully their own.
Whether or not they will direct or simple write and produce they haven't announced as yet but i'll quietly look forward to this and see what they do with the story.