Paul Schrader is back in the director's chair and using a script by Brett Easton Ellis?

Yup, and wait until Collider tells you what it's about:

Taxi Driver scribe Paul Schrader has signed on to direct the indie thriller Bait. Variety reports that Schrader will direct the film, and is currently polishing the script written by American Psycho author Bret Easton Ellis. The story centers on a group of students who are trapped in shark-infested waters by a lunatic. In case the name doesn’t ring a bell, Schrader’s most noted films came out of his collaboration with Martin Scorsese, as he wrote the scripts for Taxi Driver, Raging Bull, The Last Temptation of Christ and Bringing Out the Dead.

Schrader has also directed a number of films on his own, and has most recently been developing The Jesuit with Willem Dafoe and Oscar Issac attached to star. Bait is definitely an unexpected project, but with Ellis writing the initial draft it’s safe to assume that this isn’t your typical “teens in peril” gorefest.

-Joey's Two Cents: This tandem could do something with this premise, so stay tuned...thoughts?