Regency has set sail for "Cutlass Island," picking up a pitch from Tom Wheeler about two shipwrecked brothers who discover a lost world of mythological and magical creatures.

Shawn Levy and Tom McNulty are producing via 21 Laps Entertainment, as well as Mosaic's Alex Gartner.

The pitch is based on Wheeler's upcoming book of the same name. The story deals with a secret piece of legislation signed by Abraham Lincoln in 1863 called the Unique Lands and Species Act. The brothers uncover the mystery of the historic document and its lost world, Cutlass Island. The fantasy adventure is in the vein of "Harry Potter" and "Jurassic Park," with the boys swearing to protect the islands against those bent on destroying them.

"This is a big, four-quadrant, family entertainment film, and I think it's something that is completely within the 21 Laps wheelhouse and the kind of films we want to make here," McNulty said.

The project reunites 21 Laps, Mosaic and Regency. Their romantic comedy "What Happens in Vegas ...," starring Ashton Kutcher and Cameron Diaz, is set for release in May.

Gartner brought the project to Levy, and the pair then took it to Adam Schroeder at Regency, who will oversee the project for the studio.

Levy currently is directing "Night at the Museum 2: Escape From the Smithsonian," which 21 Laps is producing, and recently wrapped "The Rocker," starring Rainn Wilson and Christina Applegate.

Up next for Mosaic are the comedies "Get Smart" and "Step Brothers."

Regency recently released the horror film "Shutter," sci-fi thriller "Jumper" and the spoof film "Meet the Spartans."

Wheeler's latest script, "The Arcanum," was recently picked up by Gold Circle in turnaround from Miramax. Randall Wallace has been tapped to helm the project, a turn-of-the-century mystery in which Sir Arthur Conan Doyle, Harry Houdini and H.P. Lovecraft join forces to protect civilization from dark forces.

Wheeler is repped by WMA, Benderspink and attorney Jason Sloane.

Regency picks up 'Cutlass'

By Leslie Simmons and Borys Kit

March 24, 2008,