I think anyone can use the engine to make a game now. Maybe he licenses it or something /shrug. But even though I hate how clunky and everything M&B is, I may just get this....because pirates.
EDIT: Also, watch the developer videos on the steam page if you haven't. The new stuff does look pretty cool.
EDIT 2:Ok so I've been looking into this since I posted this first time and it seems WFAS did the same, the guys there are a different company using the M&B prefix for their game. There is precedent to this.
From the ttwforums:
"Quote from: Proteus on May 23, 2011, 03:22:07 PM
I don´t think so...
while Taleworlds owns the engine,
I´m sure, that SiCh owns all the graphical models that they created for WFaS,
unless they explicitely agreed upon them becoming intellectual property of Taleworlds.
Not sure about any module scripts however, as they couldn´t be used outside of the warbands engine...
maybe for them, Taleworlds reserved certain copyrights"
SiCh being the guys that made WFaS, just in case it wasn't obvious.