T.M. Wright's first novel, A Manhattan Ghost Story, was originally published in 1984, but it wasn't until 1990, when producer Robert Lawrence happened to read it on a trans-Atlantic flight, that it was optioned to be adapted into a film. As the story goes, Ron Bass (RAIN MAN, MY BEST FRIEND'S WEDDING) was paid over $4 million to adapt it into a script (and subsequently re-write it), but it remains unproduced to this day.  

This is a classic tale of a script going into "development hell," and this one doesn't have an happy ending, either. Following multiple studio "turnarounds," bankruptcy sales, and other setbacks, one groundbreaking movie came along that essentially scooped the story's premise, relegating it to the backwaters of film history, which is a shame, because it's actually a pretty good story.

Scriptshadow and Writer-On-Line have more background on the script, which you can find a PDF of here.