All available evidence indicates that image is in public domain per research performed by Kenosis:
I researched the history of FBO and RKOs acquisition of it in the late 1920s, and also looked in the US Copyright Office online records to see if there were any renewals in the early fifties. I searched the US copyright records here to see if either RKO or FBO renewed any copyright after 28 years for works that are not motion pictures or musical compositions, e.g., periodicals, collections of photographs, etc. As far as I can tell, there are none under either FBO or RKO. Kenosis 19:28, 30 August 2007 (UTC)
In addition, there is no evidence that the original right holder's descendant corporation--RKO Pictures LLC--claims copyright on the image.
Public domain works must be out of copyright in both the United States and in the source country of the work in order to be hosted on the Commons. If the work is not a U.S. work, the file must have an additional copyright tag indicating the copyright status in the source country. Note: This tag should not be used for sound recordings.PD-1923Public domain in the United States//commons.wikimedia.org/wiki/File:LadyRobinHood.jpg
Original upload log
The original description page was here. All following user names refer to en.wikipedia.
2007-05-06 09:45 DCGeist 525×382×8 (87097 bytes) == Summary == screenshot from FBO feature ''Lady Robin Hood'', starring [[Evelyn Brent]]; used in FBO article. Source/copyright holder: RKO Pictures LLC. == Fair use in [[Film Booking Offices of America]] == The image linked here is claimed by Wikipedia
{{Information |Description='''Description:''' Film Booking Offices publicity photo for the film ''Lady Robin Hood'' (1925), featuring star en:Evelyn Brent (in mask) and en:Boris Karloff<br> '''Source:''' New York Public Library for the Performin