Gary Coleman's penis was the key to his freedom after being jailed Sunday -- this according to the movie producers who claim to have paid Coleman's bail ... movie producers who have a serious hole in their story.
The producers sent out a press release bragging that they forked over the cash after Coleman agreed to allow them to use nude footage of him in their movie.
But several reputable media outlets in Utah are reporting the person who fronted Coleman's bail isn't a movie producer at all -- he's a fan who owns a loan business.
We called the producers, who double-talked us and wouldn't answer the question: did Coleman agree to trade nude footage for bail money?
Pardon us for saying ... but it kinda feels like a publicity ploy. Just sayin' ...