Nintendo's been updating the trademark (ownership of the title) but I believe SK owns the IP for the characters/locations/ect. So all SK would have to do was rename the game.
"tellectual Property Rights
Nintendo owns intellectual property rights in its products. These include copyrights, trademarks, and patents.
Copyrights
A copyright is an exclusive right granted to an author of a literary, musical, audiovisual or artistic work, giving the author the sole right to reproduce and distribute that work. There are several different types of copyrights which are associated with Nintendo's products. These include various copyrights in Nintendo's software source code, executable code, game visual display, game music, game characters, product packaging, game manuals and labels; hardware chip microcode; artwork and publications.
Trademarks
Trademarks are the distinctive names, words, logos, designs and symbols used to distinguish a product of a particular manufacturer or source. Some of Nintendo's most widely recognized trademarks include Nintendo®, Game Boy®, Super NES® and Super Mario Bros.®. The Nintendo® trademark has been filed in many countries throughout the world and registrations have been issued in Nintendo's name in many countries. "