Rockstar Games parent company Take-Two Interactive has filed a new trademark application for Bully covering, among other things, "computer and video game programs and software." The trademark application was filed with the United States Patent & Trademark Office on July 25. A company representative was not immediately available to comment.
So either a Bully sequel is being made (or will be made) probably for next gen systems or rockstar is just protecting its IP.
It was also hinted a sequel was in the works when Shawn Lee who did the original Bully music claimed he would be doing the soundtrack for Bully 2 sometime in the near future back in late 2009.