I am glad you brought this up. I wore my Phantasm shirt today and someone in public commented on it and immediately I thought about there being a part V and I haven't heard anything more about it.
Last I read is that it was done in late 2014 and for some reason is delayed for release until 2016
Yeah, they showed scenes from part 5 a loooooong time ago, but there has been no news since then, as far as I know. This is a little uncool of them, to keep us Phanboys waiting. Don't get me wrong, I still worship Don Coscarelli as my Lord and Savior, but... he should let us know when it will be released.
Don Coscarelli breaks his directing streak by letting some other guy direct this long awaited follow-up to 1998's Phantasm IV: Oblivion. It's about goddamn time too, because Angus Scrimm isn't getting any younger! The trailer has been available for a long time. Where the hell is the actual movie though? When is it getting a release date?
Last I read is that it was done in late 2014 and for some reason is delayed for release until 2016