Obviously if the rumor is to be believed then Nintendo obviously has no say in matters in respect to this game whatsoever. Microsoft wouldn't have started physical development on this game if there was zero likelihood of getting it to market. Which would be the case if Nintendo had any say.
That said it would be a matter of what the license holder is asking for. Which might be what would stop Microsoft for instance if Acclaim asked for a million dollars for the license. That might cause Microsoft to abandon the project. That would be an unreasonable fee especially if they were going to charge all of five dollars for the game to consumers.
What I am saying is that it would probably cost a pittance to remove the licensed material from the game in the first place. Microsoft might think the license matters, but over ninety percent of consumers don't. They feel it hurts the sales prospects fine just add a couple more maps, or a couple more modes. For less then a fifty thousand dollar investment they could turn a five million dollar profit.
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