The Fantastic Four (1994)
The supervillain The Jeweler looks and acts very similarly to Danny De Vito's Penguin, lives in a sewer and has a gang of homeless freaks.
Johnny Storm says "Holy Freud, Batman", an obvious reference to the Robin talk in the 60s Batman.
Mentioned in Interview
Discusses the Roger Corman film
Debrie's FF movie is described as very similar to this real-life, unreleased effort, including the part about it being quickly filmed before the rights expired.