UPDATE, 6 AM Saturday: Schrader, ever the provocateur, had this to say on Facebook:

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EXCLUSIVE: Arclight Films and Pure Dopamine are teaming director Paul Schrader with Nicolas Cage for Dog Eat Dog, a gritty crime thriller based on the celebrated book by Eddie Bunker. The film, just acquired by Arclight, will be scripted by Matt Wilder and Paul Schrader. Set deep in the underbelly of Los Angeles, pic is a gritty contemporary crime thriller about a trio of ex-cons hired for a kidnapping. When the abduction goes awry and gets completely out of control, the cons find themselves on the run, vowing to stay out of prison at all costs. Production begins in October.

1 year
Thank God. Let's see what they can really do when they have some freedom and some brilliant...
George
1 year
Maybe its time for Paul Schrader to move to Premium Cable like Starz for an example. The...
John
1 year
Haha I was shocked too...

“Ed Bunker is the crime writer’s crime writer,”‘ said Schrader. “He’s in the pantheon and one of the main people who define modern crime writing. He lived the life and lived to tell the story. Dog Eat Dog is Bunker at his best.”

Producers are Mark Earl Burman and David Hillary of Pure Dopamine. Executive Producers are Gary Hamilton, Don Rivers, Tim Peternel, Shaun Redick and Ray Mansfield.

“We’re absolutely thrilled to be working industry legends like Paul Schrader and Nicolas Cage as well as accomplished producers Mark Earl Burman and David Hillary of Pure Dopamine,” said Gary Hamilton, Managing Director of Arclight Films. “Dog Eat Dog has all the elements of a global commercial hit and the team to make it happen. We’re excited to introduce the film to buyers for the first time in Cannes.”

Arclight Films is handling international sales and introducing the film here at Cannes. Movie Packaging Co is handling additional sales. Cage is repped by CAA and at Link Entertainment. Schrader is repped by Parseghian Planco, and Jeff Berg at Resolution. Bunker and his Estate are represented by Jeanne Field at Windfall Management.