IMHO, with physical media, the rights to a particular copy are purchased and only maintained by virtue of physical possession. If you sell or give that copy away, you relinquish the rights to it, as well as any rights to edited versions.

My understanding is that that is one of the big reasons the powers that be tolerate the Despecialized Project or fanedits in general. In theory, more people than not will adhere to the honor code, and the copyright holders don’t lose that much money.

But in the scenario ray_afraid describes, both he and whomever he passed his blu-rays off to now both have access to copyrighted material, while only one copy was purchased, and the studios lose revenue.

Same problem with course of action towne32 describes. I hope I’m not coming off as preachy or judgemental here. I only mean to share my conscience.