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From: Daven Anderson
Date: July 10, 2001
You guys made my day!! Anyway,legally speaking; possession of the physical 35mm reel and public exhibition of same are two different matters. The original owner was Columbia Pictures,legally on loan to whatever theatre had the reel originally. A subsequent sale of this 'promo' item by that original theatre was illegal,but owners after that are not really 'culpable' for that initial sale.
In the music world many collectors own original studio tapes of famous artists,BUT they do not have the rights to issue commercial copies of same tapes. Collectors have 35mm film reels also,of course. Due to the burden-of-proof issue, most of those would be illegal but not really prosecutable. If you have tapes/CD-R's in your car that are copies of your originals at home, that's illegal technically speaking BUT it's 'non-prosecutable' (personal use).
So I wouldn't worry about owning the reel,but some film-to-tape transfer services would not want to copy your reel to tape/DVD because you aren't the copyright holder.
I'm relieved that prints of the trailer exist!