The period romance was directed by Jodie Markell.
Williams wrote "Teardrop" in the mid-1950s. The story revolves around an heiress who bristles under the constraints of Southern society.
Formed in July, Paladin reunites Urman with several executives who worked with Urman at ThinkFilm, including marketing head Amanda Sherwin and Michael Tuckman, who will be in charge of theatrical sales.
Other films on the Paladin slate include "Handsome Harry," which had its world premiere at this Spring’s Tribeca Film Festival and will open in 2010, and "Splinterheads,"which opens in November.
The company’s inaugural release is "Disgrace," which opens in New York on September 18th and expands to other key markets on September 25th.