I don't believe you need the license for the figure. It should be in the public domain. I don't think SOTA had any license, per se, they were just the only ones doing Lovecraft stuff. In comics Dynamite did that "Army of Darkness" crossover and the obvious implication was that it was a crossover between two cult 80's horror characters but in reality Dynamite didn't get any of the film rights, they just took advantage of "Herbert West: Reanimator"'s status as a PD property.
If you look at that figure it doesn't really have Comb's likeness. It's clearly Combs-esque but not enough where you'd have to pay him. I remember this figure was announced when SOTA was just starting to fall apart but I don't think there was anything stopping it from ever being made, except for a possible lack of interest. It's a cult favorite but there's no denying that it's still pretty obscure compared to other horror properties you'll find in a Spencer's or Hot Topic.
Jerry Macaluso is no longer with SOTA and he doesn't quite have the resources he had behind him in terms of action figure production as he did back then but he's said he still wants to do the figure and may try to get a "Bride of Re-Animator" 2-pack out, and that would actually require movie rights, which I think would be a good thing because as far as I'm concerned Combs is West.
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