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It's not just that it was so bad it was never released—it was never meant to be released. They didn't tell the actors that, though. Here's the trailer (which only played once, before a film called Carnosaur.) The full movie is below.

If you're a fan of Arrested Development* or moviemaking history, you may be familiar with the sad, strange tale of 1994's unreleased Fantastic Four film.

See, when studios acquire the rights to certain properties, like comic books, they come with a "use 'em or lose 'em" clause to keep studios from just hoarding story rights. If they don't make something with it, they eventually lose the license. Nowadays, they just reboot the whole thing every decade. Back in the day, however, they would make films for the explicit purpose of saying, "See? We're using it. Now give us another 20 years on the license."

Sources: Jose Angeles | redditor SpacePanther17 | Your Geek News