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From NELSON
...According to the LATimes:
Even if he leaves, Spielberg will remain the crown jewel of the acquisition for many years. He and director Michael Bay have signed on to make "Transformers 2," scheduled to hit theaters in the summer of 2009.
Also, I've heard from sources that the studio wants to start shooting some stuff before the writers' strike which will take place June 2008 if negotiations go no where.