Yes. By working in the IT industry (not the video-game side that is), buying a licence without asking and getting the original assets is a joke, and in this regard, i can't believe how amateurish most companies were.
Look what elite did with Ghost'n'goblins, they good the arcade graphics from Capcom, hence the great port we had. I guess they asked for it to Capcom, and they got them.
US Gold never asked for the original material to Capcom, this up to SSF2, where Capcom gave them the all assets, as well as the coin-op source code ! Because most capcom programs have an incredibly complex game logic, that can't be reproduced since it's in fact overly-engineered from the start, you need the source material, otherwise you're doomed to make a "bad" game. In this regard, Rich is not faulty at all, since he was just executing the job they gave him.