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Sixty-seven years after Clarence got his wings, a sequel has been confirmed to be in the works for Frank Capra’s classic 1946 Christmas movie, “It’s a Wonderful Life.”

The original film, which centers around family man, and bank manager, George Bailey, who has given up on his dreams and tries to imagine what life in his small town of Bedford Falls would be like without him, has come to be regarded as a Christmas staple for millions around the world.

A news release from the film financier, Allen J. Schwalb, and his company, Star Partners, explains that “It’s a Wonderful Life: The Rest of the Story” will pick up with what happened to the Bailey family after the end of the original film, and is said to focus on George’s mean-spirited grandson.

Schwalb has financed many other films including “Rain Main,” “The Color Purple,” and “Thelma and Louise.”

The role of little Zuzu Bailey will continue to be played by actress, Karolyn Grimes. It is also rumored that there have been talks with other living cast members of the original to see if they would want to join the sequel.

It will be interesting to see if the film ever even takes off, as NBC controls the rights to “It’s a Wonderful Life,” and only airs the classic sparingly during the holidays.

For a film that is considered one of the most critically acclaimed of all time, many are understandably feeling that the creation of a sequel will be more like a lump of coal than a present under the tree. Only time will tell, though it remains difficult to imagine that a sequel will do such a classic film any justice.

Screenwriter for the sequel, Bob Farnsworth, seems to understand all of the uproar. “Look, no one can make another ‘It’s a Wonderful Life.’ But our story is solid, and we are going in with our eyes open. There is no doubt about it, there will be a ruckus. But I have this motto: All it takes to be a leader is to have a cause you believe in. And the stronger you believe in the cause, the more adversaries you will have. We strongly believe in this.”

The film is projected to be released in time for the 2015 holiday season.