Here is a letter written by long time collector David Kusumoto in response to the question of original release of the E. T. Bike poster measuring 27x41 and the story behind them.

This was sent November 4, 2008:

** I would be very suspicious of any E.T. bike poster measuring 27 x 40 or 27 x 41. 
 
** For nearly 30 years, stories about "origin" of the E.T. bicycle poster have circulated -- but the consensus is they were NEVER issued to theaters in 1982 (vs. subsequent re-issues) -- because Spielberg thought the image gave away a key moment in the picture.  They were designed and marked by "B.D. Fox and Friends, Inc." -- but they all have the MPAA's PG rating, suggesting there was pre-release thought by Spielberg reviewing poster "mock-ups" -- that this version "would be the one."  Instead, they were specialty printed and given to cast and crew and VIPs, of which there were many, but certainly under 1,000. 
 
** The ones I saw and bought at Comic-Con in 1982 were all rolled, never folded and beautifully printed.  You could buy them for $40 -- but at Comic-Con, they were FEWER in number than the Alvin-designed spaceship advance -- and FAR FEWER in number than the standard 27x41 "touching fingers" design.  I bought three "bike" designs in 1982-1983 -- but THEY ALWAYS MEASURED 26 3/4 x 40 1/2, give or take 1/16" to 1/8."  You don't think of measuring these things until you decide to frame them.  I vividly remember because like an idiot, I had a local framer in San Diego dry-mount one of them and the frame was much smaller than my other framed 27 x 41 posters.  We're talking decades ago.  But this memory stuck.  The bike posters appeared purposely under-sized; they would not fit in standard U.S. theater display frames at the time.  TOO SMALL. 
 
** I have NEVER seen a genuine 27 x 40 or 27 x 41 E.T. bicycle poster.  NEVER.  Even though Orion and Tri-Star dabbled in 26 3/4 x 39 3/4 one-sheets by 1984 to save paper, smaller sized posters by Universal Studios didn't make sense in 1982).  Both the E.T. spaceship advance and standard style A measure 27 x 41.  The bike style is a rare specialty poster with no relationship to the film's "official" list of 1982 theatrical release posters and lobby cards.  A press kit I saw more than 20 years ago confirmed this.
 
** What makes matters worse -- is some sellers don't have time -- (or are TOO LAZY, when they shouldn't for this poster) -- to accurately measure the bike one-sheets.  During the past 15 years, I've seen these listed on eBay or in catalogs -- as 27 x 41.  They may be original -- but they confuse or anger the hell out of buyers, esp. "post-sale" -- by stating they measure 27 x 40 or 27 x 41.  The only legal and licensed repros of the bike design are 11 x 17 master prints.  That's it.  Everything else in MY book, based on what I handled in 1982 -- is supposed to be 26 3/4 x 40 1/2.  Bruce has sold this design a number of times -- and they have been original -- and I noticed he's one of the handful of sellers who always gets the measurements RIGHT.  The only reasons the bike poster hasn't been as widely tarnished as the "minty white inserts" or "bogus Star Wars" posters are its abberational dimensions and pristine printing & sharpness.

-kuz w/the news.

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This is an alert and we make no statement for or against this position. We present this for your information knowing that David is a reliable source