Well, Bad-Brain claims that they will get the original team to finish the game, so Telltale will have to be involved in some way (seeing as their team includes key S&M2 team members). At the very least Bad-Brain would contract the S&M2-related folks from Telltale.
The probable reason Telltale is keeping their mouth shut about all this (if you think they were lying about not knowing of Bad-Brain's attempt to aquire the resources) is legal. Frankly, I'm not sure how or why Bad-Brain is being so open and confident about their plans when they signed an NDA. And you have to wonder how this new company can pop up and suddenly have all this power while Telltale, which was formed no less than half a year ago, was unsuccessful with LucasArts and Purcell in terms of negotiations. Frankly, I've got more faith in Telltale's products as they've apparently been hard at work on something, though we don't know what, while Bad-Brain is coughing up game release dates with nothing to back them up. I hope they're half as serious as they appear about Freelance Police; I really want that game finished. Another new game can come later.
Time will tell. In the meantime, roll on with the Dudebrough game!