Although there were apparently outlines for the proposed sequel "Buckaroo Banzai Against The World Crime League", no script was written by Earl Mac Rauch.
However, a comic book based sequel to the film, called Return of the Screw, has been written by Earl Mac Rauch and W.D. Richter and published by Moonstone Publishing.
Generally, the fault for a lack of a film sequel is lain at the feet of David Begelman, who ran Gladden Entertainment at the time The Adventures of Buckaroo Banzai was released. It seems he actively blocked any attempts to produce "Against The World Crime League" though an interview with director W.D. Richter said investors had been willing to put up money for one.
Another reason given for Begelman's refusal is possibly shady business practices on his part, which he feared would've been brought to light if paperwork for a sequel was started. Whether that's true or not, we'll never know. The following article quote was found on AOL's EXTRA OnLine in 1995 :
DAVID BEGELMAN (b. 1922) He represented the two extremes of a movie exec's existence: spending and despair. As president of Columbia Pictures in the '70s, David Begelman oversaw a number of key films: Close Encounters of the Third Kind, Taxi Driver, Shampoo. At some point, personal demons decreed that he embezzle money from his own studio: $40,000 he had no need for.
The 1977 scandal, chronicled in David McClintick's _Indecent Exposure_, brought him down, and though he was back in power within two years, his luck had deserted him--and that is the only crime that matters in Hollywood. After a stint at MGM in the early '80s, he ran two small production companies. In 1994, after one of them filed for bankruptcy, despair closed in.
Begelman booked a room at the Los Angeles Century Plaza Hotel and shot himself. He was 73.
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