Should copyright for works that old be expired? Yes!
In the actual world we live in, was this guy ever going to avoid being sued so hard that his grandchildren will be embarrassed for him? No!
You've got to admire the lemming-like devotion to the legal cliff he threw himself off though. Writing a sequel to not only a copyright work, but one that is still in the cultural zeitgeist thanks to a 20-year old wildly successful series of films? Ballsy. Subsequently suing one of the largest companies in the world and the estate that produced the original works as infringing his copyright?