big life; small space

Well, you figure there are only three things that would be likely to permanently scuttle Lurhmann's reobtaining the rights:

1) Someone else swoops in and grabs them- unlikely, as no one's going to want to be a year behind Stone and Luhrmann in the Alexander race.

2) Manfredi's book gets priced out of the market- also unlikely; it's done well enough, but it's not really Gone With the Wind.

3) Manfredi asks that the rights be withdrawn completely- highly doubtful. The studio would almost certainly sue in that case.

So, yeah- Luhrmann & co. will make some lawyers richer, and the movie will proceed.ˇ