Ridiculously chilled out comedy director Todd Phillips (he told me it was because he smoked a lot of weed) may have found a project to work on between Hangover sequels.
According to Variety via Collider.com, Phillips' Production Company has optioned a Rolling Stone article called Arms and Dudes, about "two young guys who won a $300 million contract from the Pentagon to supply America’s allies in Afghanistan with munitions. After 85 deliveries to the war-torn country worth over $66 million, their Miami offices were raided by federal agents and the two were charged with 71 counts of fraud."
Phillips hasn't signed on to direct the project yet officially, but he is definitely producing it and the trade paper are saying he is seriously considering it. The buffer project between the last two Hangover films was Due Date.