I believe the third party working on the re-releases is simply doing an emulator-type deal.
The third party will not be working with the original code and engine.
It’s a fair bet that VU no longer has the original code and engine.
They wouldn’t release that (or the rights for the games) to the fans,
even if they had them. Why would they?
This all goes back to my belief that VU should be getting NewRisingSun to fix these games.