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Maybe this is the place to get some answers from the Bill Warrens and the Tom Weavers, (Steve Ryfle? Is he on this board?) et al:

Was there ever an "alternate ending" in which Godzilla won?
I'm not one of those guys either but Joe's right: the two ending's rumor was just that - a rumor. This might have originated with Forry Ackerman; he was the first I know of to have reported the two-endings-to-KKvG myth in the pages of FM. And I've got one of his recent coffee table Sci-Fi books where he still claims this is the case!
"If I had a hidden microphone inside of my heart, I would turn the power on..."