Paradise Lost hasn't been completely scrapped. Legendary Pictures is currently in the process of reworking the script so that the budget comes in 10% to 15% less than the proposed $120 million it will take to get it off the ground.
Paradise Lost was already gearing up to shoot in Australia, and this news has come as a shock to the cast and crew. The postponement is being likened to that of Walt Disney's Lone Ranger. A majority of the budget is set for green screen work, which is currently being whittled down. The hope is that Paradise Lost will go before the cameras this summer.