It's actually a fan film along the lines of the one with Batman Dead End....only not as good. I've seen some of it. The guy that plays Wolverine is pretty authentic looking.
Actually, I was at Wizard World last year and the guy that plays Punisher, who is also the director, had a booth. Nobody was talking to him. I think he could tell I was a Punisher fan when I checked out the props from the film as I was walking by. He stopped me and started talking to me for about 6-7 minutes about the movie. It was all in hope of getting me to buy one his DVDs for $15. I told the guy "no thanks" and I saw such dejection in his eyes like he was thinking "damn! I thought I had one". I felt kinda bad for the guy, I almost bought one but just didn't feel like shelling out the 15 bucks. I think maybe he spent a lot of money making this thing as a fan and is having a hard time making his money back.