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According to Variety, the film features two war vets battling each other "in a deadly game of cat and mouse".
Evan Daugherty penned the script for the feature, which could undergo a name change in order not to be confused with director Len Wiseman's upcoming sci-fi picture also called Shrapnel.
McTiernan reportedly pleaded guilty to lying to FBI agents and a federal judge in a wiretapping case in July.
More: John McTiernan, Movies
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