AMERICAN BUFFALO - * * - Dustin Hoffman, Dennis Franz, Sean Nelson; adapted for the screen by David Mamet, based on his play; R (profanity, violence, vulgarity, racial epithets); exclusively at the Cineplex Odeon Trolley Square Cinemas.

There's little middle ground with writer David Mamet: Usually you either love his plays and film scripts or you despise them utterly.

For example, there are two schools of thought on the film and play "Glengarry Glen Ross" - it's either a contemptuous, if insightful, look at the cutthroat world of real-estate sales or a non-stop stream of obscenities, intermittently interrupted by actual dialogue.

"American Buffalo," a new film based on Mamet's acclaimed 1975 play, is cut from the same cloth. It could be interpreted that the film examines honor among thieves, but it's an equally valid theory that little, if anything, happens during its 88 minutes.

Dustin Hoffman stars as Walter "Teach" Cole, a small-time crook who hangs out with junk dealer Donny Dubrow (Dennis Franz, from TV's "NYPD Blue"). While Teach is embittered toward the whole world, Donny's steamed at one person - a customer who bought a buffalo-head nickel from him for less than it's worth.

Conspiring with his young protege, Bobby (Sean Nelson), Donny is plotting to break into the man's house and steal not only the valuable coin but clean the guy out as well. But they make the mistake of letting Teach hear about the plan.

After what seems like hours of profane tirades, Teach finally cuts himself into the deal, and in the process, cuts Bobby out of it. However, Donny has no intention of letting the shifty and unreliable Teach do the job alone and tries frantically to find another partner over the telephone.

Mamet, who adapted "American Buffalo" for the screen, wrote the play early on in his career, but it still smacks of the contempt for the business world that typifies much of his work.

Problematically, the film takes place over several hours in Donny's junk shop. Because of those limitations there are really only two scenes, which are so chock-full of obscene dialogue - and little else in the way of action - that they quickly wear out their welcome.

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Also, it's a big fault for a character study to feature two guys who aren't even remotely likable. Teach, in particular, is so irritating that it's hard to see why anyone, even a shifty and weaselly loser like Donny, would want to hang around with him. Of the lot, only Bobby comes off as somewhat sympathetic, but only because he isn't around enough for us to find out about his character flaws.

That's really too bad, because the performances are so good. Hoffman will probably win most (or any) of the acclaim the film gets because he really does the most with his distinctive character. Franz is even better, though, as he plays things much more subtly - acting with his eyes rather than his mouth. And Nelson, whose only other role was in "Fresh," actually holds him own with the two stars during his screen time.

Director Michael Corrente ("Federal Hill") does a decent job reining in Hoffman when he appears ready to verge into parody. He also gives the proceedings an an effective, almost claustrophobic atmosphere.

"American Buffalo" is rated R for continual profanity, some violence, vulgarity and a couple of racial epithets.

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