Apparently Joel Silver has been working on a Lobo script for years. This movie would be the answer Warner Bros is looking for to compete with films such as Hellboy. Someone from Latinoreview.com got to give it a once over and had this to say:
"Dr Strangefist likened LOBO to an alien Snake Plissken. Sounds bad ass!"
Unfortunately that was all that was reported. No plot lines, No lead actor. No other information has been released only that we now know there is in fact a Lobo script that does exist in our part of the Galaxy. I'm sure in do time Lobo will make his presence known on the big screen. Hopefully they stay true to the source and portray Lobo as the bad ass we all know and love.