As I understand it, Horn Chen does in fact own the name Rough Riders, and that has not lapsed. When they were called the Renegades, the new franchise looked at trying to get him to sell the name, but his price was too high. The new group has contacted him, according to the 67s site in the first post, and they know his price. Up to them to decide if it's worth it.
I don't know whether the Rough Rider name is more of a positive because of its tradition in Ottawa, or a negative because of association with recent failure. But I think the decision should be based on reaction to it in the Ottawa area, based on the market research the new ownership group conducts. I kind of like it, Onknight associates it with the failures, but we aren't Ottawa fans, and its their opinion (and ticket/ merchandise purchases)that counts.