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If they were done or so close to being done, why dont they just release what they had out for free?
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Because a) it may have been "nearly" finished, but that doesn't mean the game was playable. and b) that would prevent LucasArts from ever resuming work on the game.
Yes, I know it's extremely unlikey, but they will want to keep that option available. And 3) it's possibly damaging to the Sam & Max brand if there's an unfinished, buggy, game floating around in public and I don;t thing Steve Purcell, LucasArts or even all the let-go workers from the Sam & Max team would want their unfinished, unoptimised,
unworking code floating around the internet.