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Schneider will play the title role of a drifter who always seems to be at the right place at the right time.
The movie is said to be a cross between It's a Wonderful Life and Crazy Heart, according to The Hollywood Reporter.
"In some ways, Doonby is a modern-day retelling of It's a Wonderful Life, but with a little more edge," said writer-director Peter Mackenzie.
The film also stars Robert Davi, Joe Estevez, Jennifer O'Neill, Ernie Hudson and Jenn Gotzon.
Schneider, also known for his role in The Dukes of Hazzard, recently signed to star in Spike TV comedy pilot Back Nine.
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