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What I've heard about his script, is that it's loosely based on a hotel
that he stumbled across in downtown LA when they were filming the
"Streets Have No Name" video on the rooftop.  The hotel was run down and
full of homeless people, even though at one time it was the "Million
Dollar Hotel".  As to whether he will do the soundtrack, I don't know.
I've heard a rumor that U2 is going to be on the soundtrack to "Johhny
Mnemonic", also.