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Mostly right Andrew,
Team Lotus was sold by Group Lotus (it was run as a separate entity for years) and ran as a team for a little while before David Hunt bought it and it then closed.
MalaysiaF1 or whatever they are called (Tony Fernades' team) entered a licensing agreement with Group Lotus (effectively Proton) to use the name "Lotus Racing" in 2010. Tony Fernandes then arranged (or bought outright?) the rights to use "Team Lotus" from David Hunt for 2011 onwards. This is what has pi$$ed off Proton who now claim David Hunt didn't ever own the rights to the name, though they have never contested it in the past.