In reality this is a complete lack of surprise in every way... Basically, Meat can make this album with the bat out of hell name without Jim, and Jim can make the movie / stageshow / whatever with the bat out of Hell name without Meat. My guess is that the agreement doesn't stipulate anything differing from the status quo for the long term... cause that's what the court case would have been for, and they've evidently both agreed to avoid that little process.
Personally I think that's bogus on both counts, but I think it's equally as bogus that Todd didn't play guitar on Bat 2 so what would I know.
It would have been nice for them both to have gone to court and a rock-junky judge to have told them that clearly bat is the both of them together and nothing else, but oh well.
B.