No that's not the case, here's what then-EIC Joe Quesada had to say on the topic way back when:
Source: https://web.archive.org/web/20051025...eFridays9.htmlNEWSARAMA: Marvel still has the Malibu/Ultraverse characters – is there any interest in reviving this universe of characters? Or likewise, do you still receive pitches from creators looking to bring back some of the characters?
JQ: Let’s just say that I wanted to bring these characters back in a very big way, but the way that the deal was initially structured, it’s next to impossible to go back and publish these books.
There are rumors out there that it has to do with a certain percentage of sales that has to be doled out to the creative teams. While this is a logistical nightmare because of the way the initial deal was structured, it’s not the reason why we have chosen not to go near these characters, there is a bigger one, but I really don’t feel like it’s my place to make that dirty laundry public.