Stephen M. Silverman
August 25, 1998 12:00 AM

Count James Cameron out of directing “Terminator 3,” despite a recent claim by Arnold Schwarzenegger that both men would be onboard. Cameron’s business partner Rae Sanchini told Variety that although Schwarzenegger and Cameron are “fabulous friends” who enjoy working together, Cameron “won’t be directing the movie.” Schwarzenegger committed to “T-3” last month and made a press announcement strongly suggesting that Cameron would direct. (In fact, Cameron and Schwarzenegger are set to reteam for “True Lies 2,” which is now in the development stage.) “T-3” will reportedly start shooting next year, though as yet no U.S. distributor has been lined up

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