So, I just looked on darkhorizons.com and I saw that MGM is still going to be distributing movies (with Sony, who owns them now) and one of the movies that they are making right now is none other than Van Wilder 2: Rise of the Taj
Here is the plot summary from imdb.com:
VAN WILDER II: THE RISE OF TAJ is the sequel to the successful 2002 release, National Lampoon’s Van Wilder. Taj (Kal Penn) from the first film, heads to England’s prestigious Oxford University to further his studies while in the process, showing the uptight student body how to party.
Sounds like a direct to home video release to me, but we’ll see, it’ll probably come out in the theater.