In the language of Hollywood, or VarietySpeak, it means "no longer active" or "in limbo." If one studio has abandoned a project and it is being shopped around to others, it's in turnaround

In forensics, the term refers to a reversal of an argument from your opponent to show it favors your position. Typically, the Affirmative team argues that the proposed disadvantage is actually an advantage: "Sure, our plan will cause global warming, but this is good in that it redistributes wealth, increases fresh water supplies, and limits population growth."