This comes straight from the Fans of J. Michael Straczynski . Where he addressed an erroneous rumor of Superman made on some websites . In that particular thread there is an update on all those B5 rumors and it is not good for us looking for a resurrection of the series in one form or another.

And here is the heart breaking excerpt

Re: B5…the studio offered a full season of a new and rebooted B5 as part of a new distribution venue they were creating (us and several other shows from the same studio were part of the same deal). We’d have a full season, a big budget, and total creative control. The negotiations (not between us but between the participants of the venue) dragged on for over a year, we were told repeatedly this is going to happen, but finally, the participants couldn’t make the math work. So we and the other three shows that they were hoping to put out there got set aside.

At this point, I’ve told the studio that if this isn’t going to move ahead, there’s something else they need to consider and there’s a very informal negotiation going on now in that regard. We’ll see where it goes from there.

But again, B5 was never created to be a Deep Space Franchise, we wanted to do our 5 years and get out clean. That was my intent going into this, and if that’s where this ends up, I’m happy to stick with that. There are other film and TV projects I’m doing, including a deal we just concluded to write a pilot for Will Smith’s company on a show that’s been pretty much pre-sold for a full season overseas (two bidders want it badly for Europe, and now they’re just looking for a US partner).

As sad as this is you have to respect his decision. I happen to be one of those avid B5 fans . Thought the world of the series as a whole . It had for the time ground breaking effects for a TV series, brilliant story lines and plots which surpasses time , and had great actors and actresses portraying well thought out characters . I would of loved to see resurgence of B5 especially in the world where average Sci Fi is being pumped out all over the place a class A show would of been welcomed. Oh well you can only wish and except reality. It still by far one of the greatest shows and I have most on DVD. Still wish they would show them again on SYFY channel.