It’s safe to say that Mira Nair‘s Amelia – a Fox Searchlight production — was one of 2009′s biggest busts. Most people figured that a Hilary Swank biopic was going to be a shoo-in for awards left and right, but the film completely bombed with both critics and audiences. Well, it looks like Fox Searchlight is out for some redemption, as Variety reports that they have acquired the rights to Tony Goldwyn‘s Betty Anne Waters, another true story set to star the Oscar-winning Swank.

She will play an unemployed single mother who rigorously puts herself through law school in an attempt to defend her brother after he is accused for murder. I don’t know about you, but for me, that sounds like a darn good premise for a film, and the cast is just as impressive. Joining Swank will be Sam Rockwell, Melissa Leo, Minnie Driver, Juliette Lewis, Peter Gallagher, and Bailee Madison (one of the more-than-impressive youngsters from Jim Sheridan‘s Brothers).

Co-Presidents of Fox Searchlight, Stephen Gilula and Nancy Utley, had this to say about the film:

Hilary Swank and Sam Rockwell, backed by an extraordinary supporting cast, deliver powerhouse performances in Tony Goldwyn’s emotionally resonant film.

The script was written by Pamela Gray, with Andrew Sugerman, Andrew S. Karsch, and director Tony Goldwyn reportedly along to produce. It seems awfully easy to jump to the conclusion that Searchlight is simply trying to make up for Amelia, but I still think that this has a very promising premise. And you can bet that Sam Rockwell — after delivering a criminally-overlooked performance in 2009′s Moon – will have a lot of support going for him if he turns in anything that could be considered Oscar-worthy.

Do you agree with me that this is a project with some real potential, or do you see it as more of a panic move on the part of Fox Searchlight?