As has been reported...
In an effort to appease MGM's $12.3 million dollar claim against them, and with a little nudging from the courts, Carolco has agreed to furnish MGM with a $2 million payment, a 6-month option on the sequel rights to the Basic Instinct property, and direct transfer of their Spider-Man film rights.
20th Century Fox, Viacom, M-G-M, Columbia/TriStar Home Video, and Marvel Entertainment were all interested, but with MGM at the helm and their poor track record recently, the future looks mighty bleak. Hopefully J.C. can work a deal with MGM. They'd be idiots to give it to anyone else.
As most fans know, James Cameron is waiting for the legal mess to untangle before he can tackle Spiderman. He has already written a screenplay for the film, and according to Corona, Stan Lee is impressed with it. Apparently, copies of this screenplay are available to those with contacts in the industry.
Latest news from Corona's Spider-Man Page is...
According to our scooper, James Cameron will not be doing Spider-Man as his next project. The rights situation has still not been resolved, and even 'The King Of The World' cannot make it so, right this instant. Cameron's plate may be filling up soon with another project in development... [Delivered to your doorstep by the slightly-older Daily Bugle paperboy 'Mr. Clark'.]