Ladies and Gentlemen, the Fabulous Stains (1982)

Directed by Lou Adler

A bit slow moving but pretty entertaining if you are a fan of music of the period.  I would say it's a pretty honest depiction of a developing punk band and the reaction from the clueless media.  Everyone was portrayed very well from a punk perspective anyway.  The band actually sound kind of like The Slits and their look is something like Siouxsie Sioux.  At the end they get a Go-Go's style makeover which is realistic, and actually pretty cool.

I can see why they never gave it a proper release as the pacing does lag a bit.  They should have cut it with a little quicker pacing.