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Well this is depressing. Guillermo Del Toro’s adaptation of H.P Lovecraft's At the Mountains of Madness was taking so long to be greenlit that reports surfaced via Deadline that the Pan’s Labyrinth director was swirling about another film for Legendary Pictures: Pacific Rim. Now, EW.com confirms that Del Toro has said the project has "gone dark." In other words, you can forget about it.
Del Toro mentioned to a reporter for The New Yorker that the film's aim for an R rating despite its $150-million budget did it in. Not all that surprising, but unfortunate given the respect Del Toro has rightfully earned as a filmmaker. So despite Del Toro’s strong reputation for creature features (“Madness” centering on aliens frozen in Antarctica) and James Cameron overseeing the 3-D process, Universal has finally said no, something they were supposed to have decided before the end of 2010.
Del Toro had been trying to make “Madness” for over 15 years, but his unwillingness to compromise the script’s content (likely at the heart of the R rating) has cost him. Regardless, he needs to get back behind the camera and soon.
Not much is known about Pacific Rim save for it has monsters and “the creation of a new world,” so it’s right up del Toro’s ally. Ironically, he would have had plenty of time to direct The Hobbit, which is currently filming, had he stayed. Oh well, ain't it funny how things work out.