7 March 2010 6:00 PM, PST | The Hollywood Reporter | See recent The Hollywood Reporter news »

He passed away in August, but the film legacy of John Hughes may not be over.

The late writer-director -- who was given an Oscar tribute Sunday -- has an unproduced screenplay, "Grisbys Go Broke," floating around the industry ether. Word crept out Friday that Paramount, which has a long history with Hughes, was picking up the script with hope of turning it into a family comedy with Joe Roth ("Alice in Wonderland") producing.

However, the studio told THR that it is not negotiating to purchase the screenplay, which follows a wealthy Chicago family that loses everything and is forced to move to the sticks. But Paramount certainly has no problem with digging back into Hughes material.

Hughes' last feature was Paramount's 2008 Owen Wilson comedy "Drillbit Taylor," which began as a Hughes original but was rewritten by Seth Rogen and Kristofor Brown (Hughes' story credit appeared under the pseudonym Edmond »

- By Borys Kit and Jay A. Fernandez

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