Hadn't heard anything beyond the first announcement. I was assuming it was a Dynamite book, but they just announced they were picking up where "King's Watch" left off with Lothar as the Phantom which misses the whole point of the character: that he pushes the idea that it's always the same man: The Ghost Who Walks, The Man Who Cannot Die. I also find it a bit insulting to take an established character, especially a minority, and then graft him into another character's identity. It generally results in the lessening of both characters.
I'm not a big Peter David fan, but with the Phantom, he seems to want to actually write the character and not change him into someone else with a snide, sarcastic humor.