I have a saying; "Guys with ties always ruin a show." In show business there are two different sides the money/business side and the talent side. Both sides need each other as they are both critical to bringing great shows to life. In the movie world especially guys with ties (money) will always take the path of least resistance since they are concerned with one thing...bottom line profit. The creative side has an emotional attachment to a movie like a parent has to a child. Movies can be like a child since you "conceive" an idea, bring the idea "to life" then "nurture" the idea and release it to stand on it's own.
Guys with ties will choose a sequel over a new project all day since "the first one made a fortune" therefore who cares about a good story, people will pay to see it. Look at all the re-makes and sequels we get now. many of them suck.
I will now say that odds are pretty good this story is pretty accurate. Pulling a 14 year old movie as a vehicle to me is pure cash, zero creativity.