To me it's wrong, I recently was discussing this with Max Taxable and some others in a different thread. I personally don't care if they went our of business to me they still retain copyright and their work should not be "copied" or "modified and redistributed" in any manner.
I'm no lawyer though so with that being said is it legal? No clue but if my gut feeling says this does not seem right then I'm steering clear from stuff like that just to have peace of mind and sleep at night

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Edit: This would be allowed on vb.org I do know that much.