I keep reading stuff like "Trademark and IP are different things" and others nonsense so I'll quote myself again:
Trademark is an intellectual property right. There are different kinds of IPR, but in the case of a game's name, Trademark and Copyright are the only two that really apply. A trademark needs to be registered and renewed generally every ten years. However, when a company doesn't use it for three consecutive years (in US, the length varies depending on the country but it's generally three to five years), it's considered as abandoned, which doesn't necessarily means the original holder has no right on it but it becomes much more feasible for another company to get their hands on it.
Copyright is different as in it doesn't protect just a name like Trademark does but rather a work (like a photography) and you don't even need to register it to have copyrights rights on your work. It lasts for like 70 years but law varies a lot depending on the country.
In this case, considering PlatinumGames was the original developer in any case, I don't think Copyright would be such a big hurdle. But it depends a lot on details we simply don't have. As for Trademark, it seems to be abandoned in both USPTO and EUIPO but Microsoft can still have common law rights despite the situation.