Even if we take what corporate says at face value (there was no agreement, or the agreement is null, or it's an agreement that the previous owners agreed to) that still just means that the store possesses property that they do not legally own. Whether or not they legally came to possess the sets seems irrelevant here.
I'm not a lawyer but I don't see how the Mansells ever stopped owning the lego sets.
Even if the consignment was undone, they don't get to just keep the collection. The agreement can almost certainly be terminated, but the collection would then be returned to Mansell.
That would be why.
The store declares bankruptcy, and corporate is a prioritized creditor. From a certain view, based on the consignment contract means they wanted money, and I could see an argument that they're really owed $200k rather than the physical legos. Ie they're effectively just another creditor, and probably not a prioritized one.
"Ownership" gets very odd when you hand goods over to someone with the expectation that you'll never see those goods again, but will get money. It gets even weirder when that someone ceases to be a legal entity, and the goods are now in possession of someone you never had an agreement with. The store obviously has an obligation to hand over either money or the goods, but it's not clear that obligation is transient to anyone that ends up with the goods.
On the other hand, without the agreement, how can one prove the expectation that the goods were handed over with, at all? Without establishing that expectation wouldn't the ownership of the goods just stay with the original owner at all times?
It would make sense that there are some ways you can abandon property you own in a way that someone else can swoop up and take ownership it without having to give it back, but do any of those potentially apply here?
It is extremely clear. You are just detailing the buffer being used to pretend otherwise.
"How did you acquire these sets?"
"Uhm... don't know they just appeared out of nowhere"
Straight to jail.
"How did you acquire these sets?"
"We acquired them from the previous franchisee when we purchased the store. Here's the contract we signed to acquire the store and contents, here's the payment we made"
"Okay thanks that checks out"
And even then, the trail audit goes further as the previous franchisee didn't have a proof of purchase of $200k of inventory.