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Except all that was changed was the names, shortening them or slightly changing them up to avoid direct advertisements of companies. The designs still matched previous previews made by Nintendo, who advertised the series too. This might also be why Capcom and Konami weren't credited, but that's doubtful. Nintendo's draconian practices at the time of not crediting all IP's is more likely.The Tapatalk thread in question doesn't have a source, so it should be thrown out entirely honestly.
The thing is, they didn't rework the character, they completely changed it because they legally had to due to broadcast laws. Literally nothing was kept the same aside from the title of Captain. And because of the unreliable credit copyright there's no reliable evidence that NINTENDO owns the character, either.
Even without the tapatalk thread, there's zero evidence that DiC bought any rights to the character. Again, Nintendo, who owns Captain Nintendo, simply asked them to rework the character. He was officially going to be called Captain Nintendo till Nintendo outright told them to change the name to Captain N, due to bylaws. But it was still Nintendo that said it, which already points to them fully owning the character(which really had no evidence to try and say otherwise). It doesn't really matter much if people tasked with working with the character change them up a bit, as long as they are allowed to or are told to(in which case, they were told to by Nintendo themselves). I'm trying to refind the url, but the only site that I think mentioned it won't let me use it without Adblocker, so this'll take a while. So far, best url has no citings, while another one doesn't entirely explain it any better, but is an actual person speaking on it, who created Buddy Boy(an idea similar to Captain N, but nowhere near the same). But the one thing that was clear every time is Nintendo directly told DiC to change stuff.
https://www.fanbyte.com/features/the-wet-and-wild-history-of-american-nintendo-cartoons/ One of the unreliable sites about it. I know of the other one, but I still can't find the url. Sorry for taking so long. https://www.svg.com/108892/untold-truth-captain-n-game-master/ Found the better article. Though this one is mixed too, so it's kind of hard to say what exactly happened. Though we still lack any copyright claims of DiC having Captain N while the actual series was pretty much bought by Nintendo in itself. It still leans in Nintendo's favor entirely, with the only things noted is that DiC is a producer, but that's it, among official claims. And then in a twist, the first article is the one that's inaccurate, as the rest mention that they weren't contacted by Nintendo to change it. Really strange.