Whatever happened to the Night Chronicles?

As I'm sure some of you know, this film was based on a story idea from M. Night but it was actually directed by John Dowdle. And supposedly there were going to be more of these Night Chronicles--movies based on M. Night's ideas but handed off to other directors--and the last thing I heard was that the next film in the series was supposed to be called Reincarnate and would be filming in 2013. Obviously we never got that film.

That's a shame because I really like the whole "Night Chronicles" idea and think it could work. Let M. Night put most of his energy into making movies about the stories he's most excited about, but let him hand off some of the other ideas that are rolling around in his head to other directors who are young but show talent.

Anyone heard anything else about the future of the Night Chronicles or know if the idea has been officially abandoned?