New THQ president Jason Rubin revealed the news this afternoon on a financial call for THQ’s quarterly results.
The rights to inSane have reverted back to del Toro, which means he could technically do something with it in the future.
del Toro is in the midst of production on his next film, the monster and robot-filled (aka awesome) Pacific Rim.
With THQ in the midst of attempting a financial turnaround, the change isn’t surprising. The project was the baby of former executive VP of core games (and once Hollywood scribe) Danny Bilson. He is no longer with THQ.
Volition is currently working on a sequel to Saints Row: The Third. Originally, Volition was to release an expansion dubbed Saints Row: Enter the Dominatrix, but that's been wrapped into a full sequel.