Actually, IIRC, the director of First Class did X-men 1 & 2, but not 3 or Wolverine and said in an interview that he is disregarding everything that happened in 3 and Wolverine.
So it's a half-reboot?
Really? Well, that's a step up. I would've preferred if he said "I'm disregarding everything that ever happened in other X-Men movies," but hey, getting closer!
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Full rap metal jacket ~ Method Man