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Im not an EE lawyer (or any other type of lawyer for that matter)- but i tend to agree with Chuck in that i doubt they have a case.. as i started reading thru, i figured maybe they got really shafted and earned SAG scale or even less- but the fact that they each got $300k, back when $300k was actually a decent amount of money- now it cant even buy a starter home- leads me to think it wasnt *that* much of a raw deal .. though im sure that $300k is long, long gone and , as mentioned- they are probably regretting it and wish they’d held out for more or tried to retain a point or two of backend ownership in the franchise .
ETA re-reading i see that it says they’re seeking an amount equal to if they’d had SAG Aftra representation- so im guessing that means maybe they havent gotten any residuals, which could (or could not) have been substantial .
From the article posted above, it seems like they have been asking for this or some input into the franchise for quite awhile and given that they have not filed suit, my guess is that they have seen several lawyers who told them they don't have a case so they are hoping the studio does them a solid which seems highly unlikely. There best hope is that they studio sees some reason to get them involved in the new movie because it will help marketing and they pay them something for that.
I am a lawyer, but not an entertainment or labor lawyer, so take this with a grain of salt. But, I would guess that they likely don't have a case here or someone would have at least filed suit for them. But, without reading the contract or knowing if their are some quirks of labor law involving SAG, I can't say for sure.
I don't know if they did this deal before or after the first movie grossed huge money, but as you say, $300K each was good money back then. I would guess they could have made more money had they negotiated for points or residuals, but they apparently signed the deal so that's likely it. Although I would guess what they sold was their IP as creators of Blair Witch and future showing of the movie and future projects based on the original. I guess they could have a beef on the SAG wage scale, but Lionsgate didn't own the movie when they made it so I'm not sure that would help them.