Naturally the news was met with near-universal condemnation, not least by Paramount Pictures, the rights holders of the original movie and the 1939 short story on which it is based:
"No project relating to It’s a Wonderful Life can proceed without a license from Paramount," a spokesperson has told Variety. "To date, these individuals have not obtained any of the necessary rights, and we would take all appropriate steps to protect those rights."
While this seems to be good news for anyone against the idea of the sequel, Farnsworth claims they have the necessary clearances to push ahead with their plans for It's a Wonderful Life: The Rest of the Story: "We have spent a lot of time, money and research that leads us to believe that we are clear on any infractions of the copyright. If anyone feels that have a legal claim, we will be happy to talk with them. I believe that whatever resolution needs to be made will be made amicably, in the positive spirit of the project."
Let's hope Paramount manages to the block on this ridiculous idea...