"The Lady in Red" is the kind of movie that those of us fans of cult cinema and b-movies live for. It's an unheralded classic, and a movie that totally rises above its inauspicious "grindhouse" or exploitation roots.
I believe the movie's success may have been undercut by advertising that suggests it is about Dillinger. It isn't. It's the story of Dillinger's alleged girlfriend, the one who supposedly betrayed him to the feds. The story is, if anything, more interesting than Dillinger's, and packs a feminist punch. It shows a path to crime more heartbreaking than any famous bankrobber's.
The protagonist is thrown out of home and ends up in jail. There's a whole genre of women in prison movies, and they almost all feature a sadistic lesbian guard. Yet, none of them are this good, and none of the guards are as horribly believable as the one in this movie.
The movie only spends about half an hour there, and is yet more believable and impactful than all the women in prison movies combined. The only way out for the protagonist is prostitution, which is where she comes into contact with crime figures she is destined to join.
Dillinger is, in fact, just another guy she meets, and that's a massive strength. To her, he was no hero. He was just another man, a potential user, thief, murderer, whatever.
This is the world through the eyes of a down-on-her-luck woman who had little choice but to turn to crime.
How fitting that it would be so roundly ignored, even after all these years.