Comics2Film spoke with Giffen about the report last week. Giffen confirmed that he did write such a treatment. Contrary to the AICN report, the writer is not currently working on a screenplay. So far it's just a treatment. Beyond that Giffen did not want to comment further on what was supposed to have been a secretive development effort.
Word is that it's in good shape.
Comics2Film spoke to comic writer and artist Keith Giffen about the prospect of bringing his Trencher concept to the movies. It's an idea that's never been done. It's the one time in my life I can honestly say I was kissed by God. I've looked into this. Wrongly reincarnated people has never been done in film or literature or myth.