The extract in question asks Lee if he has any projects in the pipeline to which he replies "Yes. It looks like I will be doing the soundtrack for Bully 2 in the not so distant future."
Rockstar Games have been extremely quiet on the Bully front since its original release in 2006 and apart from the port to the PC and the XBOX 360 and Wii offering in the form of Bully: Scholarship Edition there has been little discussion of a possible sequel. Until now!
Stay tuned to gtaIVlife for more information as this story develops.