On a different thread on FT (see thread on CO Pre-merger "Presidential Plus waived 1st annual $395 fee"), shanshan posted this info:
"~2 months ago I was at EWR lounge where they were handing out invitation codes for the Chase Presidential Plus card for 1st year waived fee (no bonus miles). I snagged an extra code and want to give it out to someone.. so first come first served."
apply at www.presidentialplus.com/vip
CODE: DFM5URF52N7
EXPIRES Oct 15.

Before that thread was started, I applied about 10 days ago with an offer of only a $95 statement credit. I got approved at the end of last week, but before I received the card, I saw shanshan's post and called and emailed Chase customer service with the offer code. They approved me this morning (Thursday) for an additional $300 statement credit, so I will get my $395 back.

If you use the code, you should get a waiver of the $395 fee.
At least other one person has used the code, but I just checked it on the presidentialplus.com/vip website, and it still seems to be valid.

Please post here whether you have been approved using the code.