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I know what you're thinking, "Part 3? Where the hell is Part 2?!"
Was thinking the same thing myself, but you read that correct there is a Street Trash: Part 3 in the works. I came across an article that gets the info on the upcoming sequel being written by Roy Frumkes and directed by the original Street Trash director, J. Michael Muro (James Muro).
Check out the article to find out about the movie and what's going on with Part 3 when there wasn't a Part 2 (it's actually quite funny).
Some time ago, Roy Frumkes (THE DEFINITIVE DOCUMENT OF THE DEAD) announced he was writing a screenplay for STREET TRASH 3, on which he would reunite with director James Muro, who helmed the original, and several trashy cast members. Since making the original, Muro became one of Hollywood's top steadicam operators, working on several James Cameron flicks, and more recently moved on to become a top director of photography, earning an Academy Award nomination for his work on CRASH. But Muro is still willing to have some fun with TRASH!
STREET TRASH 3 (so much time has passed that Frumkes passed on using the number 2 for his preferred title), while continuing the frenetic action, intercutting, and over-the-top gross outs of the original cult classic, also manages to be - are you ready? - an existential variation on the source material. Fan favorites return, whether they survived the first film or not, and Frumkes addresses this cosmic shift in an intriguing manner. This is a sequel, but also a sly take on the whole concept of "re-imaginings" and "re-boots." The story is set up so that certain characters return, and new roles exist for familiar faces. The central figures are still Freddy (Mike Lackey), Bronson (Vic Noto), and Bill Chapel's thugish cop character. What interested me most is how Frumkes tweaks these characters, and, while maintaining the structure of STREET TRASH, puts a new spin on the whole story... which I'm not about to divulge.
I will tell you that there is a spectacular multi-meltdown in the first act that will leave the target audience in stitches; that the Viper Tenafly will be seen in all its Technicolor glory; and that Frumkes not only acknowledges that the post 9/11 setting of STREET TRASH 3 is a different world than the one in which we last saw these characters, but casts the characters themselves in a different light because of this. In fact, for all of its celebratory political incorrectness, STREET TRASH 3 is Frumkes's meditation on heroism and patriotism. There are belly laughs, chills, and certainly spills in this script, which has yet to go into active pre-production. With Frumkes's tight 97-page screenplay as its basis, STREET TRASH 3 (or 2) will not disappoint fans of the original.
Source:
http://www.fearzone.com/blog/trash-3