you can try and use the custom pan&scan feature...
eventually you should be able to have the watermark out of the screen, but I guess quite a large part of the picture will be cropped (and I assume you don't want that)...
following adicoto's suggestion, I suppose you could create a subtitle file with only one line containing only spaces and display duration = length of movie.
I don't say this will work, but it's probably worth a try
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