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Apparently, the project was still awaiting script approval from Universal at the time the strike began. This means that it can't go before the cameras until the strike is resolved. Worst case scenario, it could mean the project gets canned completely, if say, the actors are no longer available, or it becomes too costly to keep the project on hold.
I'll be keeping a close eye on this one. The Wolf Man is something I've been looking forward to more than any other horror flick in production, and it would be a real shame if Hollywood politics prove even more deadly than wolfbane.