James Mangold to direct CITY STATE remake?

It was premiered only last week but already Olaf De Fleur Johannesson's ultra low budget crime thriller City State has been picked up for its remake rights and it seems that none other than James Mangold has been attached to direct after dealing with Wolverine according to Deadline.com.
City State is about intertwining characters that are all connected to the Icelandic underworld. An immigrant mechanic avenging the death of his unborn child. A middle aged crime boss looking to get out of the game after a massive heart failure. A female police officer who takes the law in her own hands after an attack that cripples her boyfriend and a lonely police chief who's ties to powerful criminals make him vulnerable for manipulation.
Olaf and company made this film on a shoestring budget, shooting it all on the Canon 5D with some of Iceland's biggest stars and even a cameo by Jonathan Pryce.
Now I can't actually review this film unbiased since I have a small role in it but it's been getting some high praise in the local press.
No news if the original film is getting distribution but it's being shopped around.
Meanwhile check out the trailer below.  
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