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Wow that sucks. I wonder if this is part of the reason why we haven't gotten a Punch-Out!! follow up especially considering it sold a million copies and is one of the best games on the Wii.
Nintendo really made it seem like they were building the franchise back up to be a reocurring series with the revival, the Doc Louis Club Nintendo tie-in, and Little Mac in Smash. Even one of the producers at Next Level said they would love to make a follow up and then it never happened..