Gilliam is working on it (again)

[cclark]

I wish the article would be sourced so we'd know if the date of May 2016 is pure speculation or not.

I think that it is. That's a mighty tight timeframe since Gilliam won't even start filming until 2016. I think the film probably won't even be finished until Summer or Fall 2016 (that's with post-production), but with Amazon backing Quixote, we'll probably get to see the finished product much quicker than we did with his last few films (particularly, The Zero Theorem).