
Originally Posted by
kup
I don't think cartoon likeness is a factor. Like Mattel, I think that 'ownership rights to the studio' only comes into play if the character happens to be an original creation of the show/comic and not based on a toy. However there may be differing deals such as what they had with Marvel with Death's Head and Circuit Braker belonging to Marvel. This is because they appeared first in a non-TF comic while other comic original characters remained with Hasbro.
I say that Shockwave's 'cartoon/comic' likeness belongs to Hasbro within that medium but if it's a toy that strongly resembles the Astro Magnum, it makes things a little riskier. Keep in mind that nowadays there seems to be a whole lawyer industry dedicated to suing larger corporations. So even if there is the slightest bit of doubt on the legal ownership of something, Hasbro would be unwilling to take the risk if negligible.
Personally speaking, I don't think anyone would legally give a damn if Hasbro releases a G1 accurate MP Shockwave. No one has legally sold the Astro Magnum mold in years and who knows who owns it, maybe no one does anymore.