FP posted this article in another thread since it was by and large about artists' termination rights, but I'm going to post the short bit regarding the new album here:
Don says:"I've been working on a country album for a couple of years now, in between parenting and Eagles projects. It's coming along really well. It's both originals and covers, and I'm producing it with my buddy Stan Lynch. It's probably not going to come out until next spring [2012]. I'm working at my own glacial pace."
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Rolling Stone