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Since no proper framing of a widescreen movie (open matte or whatever) should cause information from the sides to be cut.

Look at Robocop. Verhoven released his preferred version through Criterion on LD (later transferred to DVD) in open-matte 1.66:1. The theatrical 1.85:1 print (that MGM released) is cropped on all four sides of the film. There's nothing wrong with it, it is the theatrical print with correct framing. It appears Verhoven liked it in 1.66:1, and the studio went ahead and made the 1.85:1 print.