I'm not gonna lie, this project does not sound good to me at all. All the talk about three different franchises with nine movies, with no existing fanbase or anything sounds like a typical over enthusiastic doomed from the start project from a novice producer.
Absolutely no offense meant to anyone working on the project, nothing personal, but come on, who are they fooling?
Tier 1 project at Universal? Yeah no, something like The Electric State with Millie Bobby Brown and the Russo brothers is a tier 1 project, I don't know what tier this is, or if Universal is even involved.
It's not a franchise yet, if you don't have anything produced or released, even if they made this one movie, it's not a franchise. And three different franchises? It's almost as if they're using the word because it sounds good but have no idea what it means.
I would be more on board if the premise was at least a little bit interesting. But just the names alone, Johnny Jones, Street Avenger sound about as generic as they can get. Absolutely nothing about the premise or titles grabs my interest.
Also LOI or Letter of Intent is not a contract and it may not be legally binding. It's just a letter from Steven expressing his intent to participate in the project if they get funding. This allows the producers to use his name in trying to pre-sell the movie to distributors and get funding.
I don't know how much Steven Seagal's name is worth anymore on the market. To be honest I have been out of the loop for a while, but I was under the impression that the likes of Bruce Willis and Nicolas Cage are now the big dogs in the low budget straight to VOD action movie market.
If this movie gets made, I expect it to be really low budget, and they probably hire Seagal for one day and he'll sit at a desk and mumble and he's gonna look like he always does, and they'll probably photoshop a gun to his hand on the poster and re-title it something even more generic like The Phantom Killer or something.
I certainly wish them luck, and hope for the best. But I can't lie, this sounds fishy as hell.