It's been done before. Didn't help the lawsuit issue:
http://en.wikipedia.org/wiki/The_Super_Dimension_Fortress_MacrossStreamline Pictures then released Robotech Perfect Collection: Macross on VHS in the summer of 1994, combining two English subtitled episodes of Macross and the corresponding dubbed episodes of the Robotech adaptation in each volume. This was the first English subtitling for Macross, but it contained unedited video footage with incomplete and mistranslated English subtitles and was cancelled after eight volumes and 16 episodes.
The series was originally licensed in North America by AnimEigo, who restored the series and released it unedited on DVD with Japanese audio and English subtitles. t first a limited edition pre-order boxset across nine discs was released on 21 December 2001. Preorders were available on AnimEigo's web store. Three smaller boxsets, each comprising three discs, were released from 10 September 2002.[19][20][21] Finally, AnimEigo released nine individual volumes. In 2003 Madman Entertainment released a six-disc PAL format version of this edition entitled Macross Ultimate Collection.
In the summer of 2005, ADV Films announced that it would be releasing an English dub of Macross on 10 January 2006. This is the first complete, unedited English dub for Macross, and featured Mari Iijima returning to reprise the role of Lynn Minmay.[5][22] However, the voice actors used in the dub were not the same as those used in the 1985 Robotech adaptation.[23] This version was released by Hulu for online streaming in the United States in February 2010 and was removed in February 2013.[24]
So, despite Harmony Gold being asshats, there have been a few releases of the original version along the way. Even though Harmony Gold only ever had rights to the first season,
they flip shit more about sequels than they do about re-releases of the first season in Japanese (probably don't see it as a competitor to their dubbed version). Maybe they're getting a cash cut out of all those ADV releases and the like, but there's no way they can convince a judge to give them a cut of Macross Plus/7/Zero/Frontier.
Basically, they want to control "sequels" to Robotech, their biggest cash-cow ever, in the American market and actual Macross sequels are seen as a direct threat to controlling the franchise. BTW Robotech sequels are the saddest thing you can ever lay eyes on.
Funnily enough "Macross II: Lovers Again" actually got a dubbed American release. None of the original creators worked on that, Harmony Gold's partners Tatsunoko in Japan developed it on their own before Shoji Kawamori & co. wrangled control of the franchise back. And Macross II is considered the worst Macross: like the "Star Wars Holdiday Special" of Macross (i.e officially it doesn't exist now). It not *really* that bad, run of the mill 80's sci-fi anime, and interestingly, it fits way better with the Robotech feel than it does in Macross.