A few red flags from my perspective:
1. Location
According to the Cross Creeks National Wildlife Refuge brochure(
http://www.fws.gov/s...acts/crkcon.pdf) has approximately 45,0000 visitors annually and is open a large portion of the year for sport fishing and hunting. It is also a resting place along the migratory flyway for thousands of birds and is loaded with birders year round - you know, folks who spend a lot of time in the woods and tend to have very expensive high quality cameras and optics with them. In other words, this isn't some out of the way location that is infrequently visited by man.
If bigfoot lived in this area, there would be many more well documented encounters over the 20 years since that photo was taken.
2. The Photo
Polaroid instant cameras were primarily designed as a snapshot camera. In most cases 15-20 feet was about the maximum range when taking a photo of a subject - this is especially true when using a flash. There was a telephoto add-on, but it was pretty rare and not that effective. What I'm getting at is that your buddy had to be EXTREMELY close to this bigfoot to take this photograph. I would certainly like to hear his own first hand account of the encounter, why there were no other photos, what did the bigfoot do after he took the photo, etc.
3. Juvenile Bigfoot
I'm finding more and more that "it's a juvenile" or "it's a young one" seems to be a common explanation in the bigfoot hunting realm - just watch our friends over at the BFRO. My biggest problem with this is that to have juveniles, there definitely would need to be a breeding population in the general area. Not to mention, if you look at other animals in nature, if a juvenile or young one is in the area, you can bet that mamma isn't too far away.
Now, the other issue with the claims of juvenile bigfoots - perhaps the reason that this explanation shows up so frequently is that there simply isn't a 9-12 foot ape-like beast roaming the woods of North America and that what we're actually seeing are normal sized humans hoaxing folks or that normal sized humans are simply being misidentified by witnesses.
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As for my take on this photo, I don't find it credible at all - for the reasons mentioned above. In addition, it simply looks like someone took a photo of some kind of ape at a zoo and is trying to pass it off as a bigfoot photo.