It is actually a much longer story than "it bombed at the box-office". Richter and Rauch actually found funding for a sequel, but the boss of the studio, who owned the rights, for some reason, refused to let them make it. He even nixed a later TV-series proposal. Apparently he felt that he had somehow been screwed over by Richter and Rauch, and held a grudge against them.
The rumour goes that he was afraid that people would have to go through the papers and discover his embezzlement. He was eventually accused of massive fraud and commited suicide in 1995. So, the rights eventually went to a french company, along with massive amounts of the paperwork version of spaghetti code, which they, to this day, haven't fully sorted out. MGM had to cut through massive amounts of red tape to even release it on DVD. They planned a TV-series again in the late nineties, but, again, the rights issue is a mess. They are reasonbly sure that the movie rights sit with the french, but they are not entirely sure if a TV-show is included in those rights. It is not until recently that at least some of the rights have been cleared up, and new material, the comics, have been made.
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