Fender did not buy the G&L or BBE companies, or as far as we know, any of their product-related patents or trademarks. BBE/G&L were legally dissolved, not sold. That means the McLarens still hold the intellectual property that they did not spin off into CLF Trademarks, L.L.C. – the company that Fender DID acquire. G&L placed the Leo Fender name and likeness into that company, which they established last summer. This allowed them to sell only the intellectual property that Fender wanted.
It's pretty good evidence that Fender had no interest in acquiring G&L product-related patents or trademarks – only Leo's name and likeness. I'm sure the McLarens WANTED Fender to buy the entire company, but Fender had close to zero interest. Thus the move to place only the stuff Fender wanted under the ownership of a separate company.
The IP still held by the McLarens will expire if not renewed or sold. It becomes public domain after a certain number of years from the last renewal. At that point, anyone can produce copies of the old G&L products.