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Script Treatment for "Godzilla 2"

While the '98 remake of the classic monster flick was a profitable blockbuster, it didn't meet high studio expectations and while a sequel remained in planning, the idea ultimately fell out of favor within a year or two of release. Despite the unpopularity of the initial film and it's many issues, the second takes a step closer to the original mythos.

So let's say the studios go forward with a sequel at least vaguely based on this treatment... is it successful? What's changed? What isn't? Are there more monster flicks? Even less? Does Toho still jump forward with more Japanese films?
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