I read that yesterday too. I am in high doubt of it.
I don't want Bully 2. I liked Bully but I would rather have that GTA VI sequel.
Well, I think GTA VI is a given but I imagine it is quite the ways away. I could buy them releasing a game like Bully 2 in the mean time. It really depends how much truth to the above story is. If it's actually in a playable state ready to be revealed, then it could have been in the works for quite a bit.