I believe that in this case, as in FARGO, "based on a true story" is used fictitiously and -as in the remake of The Amityville Horror- more than a little misleadingly.
Don't forget that Plan Nine From Outer Space was also based on the "sworn testimony of the miserable survivors."
"If you don't know the answer -change the question."
i think by true story they mean the sasquatch myth. which is like some other movie i've seen; where it's pretty much the producer or director's decision going by their own beliefs or used simply as a way to make some profit.
Yeah, true story according to Hollywood for what that's worth. I found this movie more entertaining than the original Legend of Boggy Creek. Whether its a better movie or not is a matter of opinion.
Yeah BOK602 is right. The "based on true events" message is used for just the movie itself. The "This story, it's characters, and events are fictitious. Any similarities are coincidence" message appears in the last of the credits.