Two things... First, I am pretty sure that Oster (and anyone with a similar idea for the game) want to use the name "Neverwinter" or something close like "NWN" specifically. Being able to leverage all of that pre-made name-recognition, marketing, and goodwill for a well known product is part of the appeal of the project for companies like Beamdog.
Second, while I am not an IP attorney or anything, I suspect that Oster is using "the Neverwinter name" to refer to the panoply of IP-related issues connected to releasing an updated version of the game. Anything that uses the D&D rules and/or has a similar campaign, whether or not it's called Neverwinter Nights, will be a potential target of WotC/Hasbro's legal team.
All that said, I am thrilled that someone like Oster is still interested in a project like this. I hope that, eventually, one of the folks with decision-making power on that IP will realize they have a ready-made avenue for making some money and give the green light.