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I don't think that they're holding on to the license, I just don't think that they want to sell their code (it probably contains bits and pieces of other LA games).
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That's certainly a viable possibility, but the only parts of code that would be a part of other games is the engine. They could still sell off the graphical data (I'm guessing 3DStudio Max or Maya, but that's just a guess), wireframe information, sounds, music, etc. Since that data would be of copyrighted characters, I would think that Steve Purcell actually has more say about that data than LucasArts. As to the underlying engine ... well, yes, LA isn't about to sell that off ... but they *could* license it. Since the game was already 85-90% done when they pulled the plug...
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Remember that TT is hoping to snatch up the Sam and Max rights once they become available. If all goes well a new and improves freelance police will be telltales second game.
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*drooling* That would be
so appropos. An ex-LA team takes an abandoned LA project and makes it better than LA could have done. Cosmic justice, at the very least, especially if it sells as well as the gaming community was expecting it to do.
*waving hand furiously in the air to do voice acting if needed*