The last we heard about '' was that the rights were going to revert to co-creators Brian K. Vaughn and Pia Guerra if shooting didn't commence shortly. And today we've learned that , the last director associated with the project, has signed on to direct 'Valencia' for J.J. Abrams' Bad Robot and Paramount Insurge. Which means that it's likely that New Line's take on 'Y' is dead.

The Wrap broke that Trachtenberg will be directing 'Valencia,' which is about a girl who wakes up in a cellar after a car accident and is told by her lone companion that a nuclear attack has ravaged the world, though she doesn't entirely trust the situation.  As it's being done for Insurge, it's a low budget production, but the premise suggests that it doesn't require a lot of money.

Trachtenberg made a name for himself with a fan film based on the video game 'Portal,' so his jump to 'Y' seemed a little weird. For those who've read the comic book, the material seemingly requires a large budget, which meant that New Line was either taking a huge risk or plotted a much cheaper version of the material. As Vaughn said that if New Line didn't start shooting in the next couple months the rights would revert back to him, either we're going to hear about a new director shortly, or it will be up to Vaughn and Guerra if we ever see a big (or small) screen adaptation of the material. 'Valencia' is scheduled to start shooting this fall.

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