Even with reports it was going forward, I knew there was no way in hell it was.  The Governator, the project between Stan Lee, Arnold Schwarzenegger and Archie Comics, has been scrapped.  ICv2 reported that TMZ posted the following:

In light of recent events, A Squared Entertainment, POW, Stan Lee Comics, and Archie Comics have chosen not to go forward with The Governator project.

The breakdown of the project was due to the recent revelation that the former Governor of California and movie star had issues with keeping his little Terminator in his pants.  He’s had a secret son for around ten years with his former maid.  Keep it classy man.

Really in the end this just saved everyone from the embarrassment of what was to be a very high profile flop.