From Coming Soon!: "According to Variety, Phillip Anschutz's Crusader Entertainment has acquired film rights to Ayn Rand's bestselling novel Atlas Shrugged and tapped James V. Hart to write the screenplay." [Via Mark Wickens.]
UPDATE 05/19/03: Read Scott Holleran's interviews with Howard Baldwin, President and CEO of Crusader Entertainment, and with screenwriter, James Hart. [Hat tip to Betsy Speicher's CyberNet.]
By the way: I wonder why Crusader Entertainment's web site is not up and running.