HALO Movie Will Eventually Happen according to Mircosoft Development Director

On April fools day we ran a little joke on the site that Steven Spielberg and Tom Hanks were going to develop a HALO: ODST miniseries for HBO, I wish that was true. I think everyone is pretty excited to finally see Halo brought to life on the big screen. At one point it actually almost happened with District 9 director Neil Blomkamp and producer Peter Jackson. There's no doubt that if that Halo film would have happened it would have been absolutely incredible. Unfortunately, it didn't happen. Later on Stuart Beattie wrote a spec script for a Halo film based on the novel Fall of Reach, Steven Spielberg saw it and got involved with trying to get it developed but nothing has really happened since that new broke.
So when will we finally get to see a Halo movie? Frank O'Connor, the Franchise Development Director at Microsoft responsible for the Halo game and franchise, says it will eventually happen. Here is what he had to say at the MI6 Conference in San Francisco last week.
We're going to make a movie when the time is right. We own the IP. If we want to make a movie, the scale of all the other stuff that we do changes dramatically. We make tens and tens of millions of dollars on ancillary stuff, toys, apparel, music and publishing. If we do a movie all of that will grow exponentially. We have some numbers if we do a movie, but it changes everything. It also changes our target and age demographic.
So thats the latest talk on the eventual Halo film. O'Connor seems pretty confident that a Halo movie is going to happen at some point, he also admits in that statement that there's a lot of money to be made from a movie franchise. But, the question still is... when is the time going to be right?