"The Hudsucker Proxy" is not based on a true story; it is an original screenplay written by the Coen brothers. Released in 1994, the film is a satirical comedy that follows the rise of a naive mailroom clerk, Norville Barnes, who becomes the president of Hudsucker Industries. The film parodies the corporate culture of the 1950s and explores themes of ambition, innovation, and the American Dream. While it features elements reminiscent of real-life corporate dynamics, its narrative and characters are fictional.

"The Hudsucker Proxy," directed by the Coen Brothers and released in 1994, is generally considered a good movie, celebrated for its unique blend of comedy and satire. It features Tim Robbins as an unwitting corporate pawn and Jennifer Jason Leigh as a determined journalist. The film is praised for its clever screenplay, distinct visual style, and homage to 1950s cinema. While it received mixed reviews upon release, it has since gained a cult following for its witty dialogue and innovative storytelling, making it a notable entry in the Coen Brothers' filmography.

In "The Hudsucker Proxy," the blue letter is a pivotal plot device that reveals the main character, Norville Barnes, is being considered for the position of president of Hudsucker Industries. The letter, written by the company’s board, indicates that they believe he is not fit for the role due to his lack of experience. However, this decision is part of a larger scheme, as the board intends to manipulate the company’s stock prices by promoting Barnes, leading to the creation of the iconic hula hoop.

You can watch "The Hudsucker Proxy" on various streaming platforms. As of my last update, it's available on services like Amazon Prime Video, where you can rent or purchase the film. Additionally, it may be included with a subscription to platforms like HBO Max. Availability can vary by region, so it's a good idea to check your local streaming services or rental platforms for the most current options.