Now that MGM has emerged from bankruptcy (a whopping $4.25 billion worth!), the studio is moving ahead with a number of pictures including a ‘Robocop’ reboot as well as the 23rd ‘James Bond’ film.

According to Deadline, MGM is negotiating with Brazilian director Jose Padilha for the reboot. Padilha is well known for his powerful 2007 crime drama ‘Elite Squad’ and it’s 2010 sequel, ‘Elite Squad 2’. ‘Elite Squad 2’ actually out-grossed ‘Avatar’, ‘Shrek Forever’ and ‘Alice In Wonderland’ in his native Brazil with over $60 million. It would seem, the directors style could possibly be a great fit with the typically hyper-violent style of the ‘Robocop’ franchise.

Budgeted at just $13 million, the original 1987 ‘Robocop’ film was #1 at the box office for two weekends in-a-row grossing a then impressive $53.4 million and spawning two movie sequels, a television series and numerous video games and toys. Starring Peter Weller (‘The Adventures of Buckaroo Banzai Across the 8th Dimension’, ‘Screamers’), ‘Robocop’ was directed by Paul Verhoeven who would go on the direct the Arnold Schwarzenegger-starrer ‘Total Recall’ as well as ‘Basic Instinct’, ‘Starship Troopers’, ‘Hollow Man’ and perrenial laugh riot, ‘Showgirls’.

About ‘Robocop’:
“In a dystopic & crime ridden Detroit, a terminally wounded cop returns to the force as a powerful cyborg with submerged memories haunting him.”

No word yet on whether screenwriters Edward Neumeier and Michael Miner are involved in the new reboot.