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For many years, del Toro has been associated with an adaptation of H.P. Lovecraft's At the Mountains of Madness, which was rumored to be his next movie, but he had nothing more to say about whether that's true. "I wish I knew, but Universal has acquired it, which is a great thing because it was in limbo, and I have, together with Michael, self-financed the designs and maquettes and everything, but we'll see. It's R-rated, it's expensive and it doesn't have a happy ending. I think that big-scale horror, big tentpole horror, which you used to have with 'Alien,' 'The Shining,' 'The Exorcist' before everyone thought horror needs to be this or that and pre-conceptualized, I think big tentpole like that should be back at some point in life, so I'm patiently waiting my turn."
"If I had the freedom to choose and the chance to hold it until its done, I'd do 'Mountains' right away," he continued, "but what I learned in the horrible years in between 'Cronos' and 'Mimic' and 'Mimic' and 'Devil's Backbone' is that if I did that, it takes me four years to get a movie off the ground, and it never happened in the order. I wrote 'Spanky: Mephisto's Bridge' right after 'Cronos' and it was a beautiful script, then I wrote 'Monte Cristo' then I wrote 'List of Seven.' None of them happened; they haven't happened yet, so what I understand now is that if I keep four or five things that I truly love in the fire, one of them becomes true." He does say that he's going to produce one of those scripts he wrote but never got to make with a first-time director for Miramax, but he couldn't announce which one just yet.
Now that he's in bed with Universal Studios, there's been rumors of Guillermo maybe doing something with some of Universal's classic monsters like Frankenstein, Wolfman, Dracula or the Mummy, but when asked which one he might want to tackle, his answer might surprise some people. "The movie I would kill to do and I know it's been done and I'm very conscious of thatbut to do 'Frankenstein' but to do Frankenstein as the Miltonian tragedy that it is. I remember reading the Frank Darabont screenplay that was illustrated by Bernie Wrightson, and saying, 'That's it! I'm screwed and never going to do it' but thanks to Kenneth Branagh, I can still do that version."