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Having looked up on the history of Lotus in various motorsport history books that I have.
Lotus Engineering nee Group was created by Colin Chapman in 1952. This entity raced in sports cars. Chapman seperated Team Lotus from Lotus in 1956 and originally suplied cars to the Vanwall team before entering F1 in 1958. Therefore, David Hunt did have the rights to Team Lotus as he bought the team under British law from Peter Chapman in 1994 and raced as Team Lotus as has already been said for the last two races of '94. The team was bankrupt hence the sale. If I remember correctly, ITV thanked Hunt for the loan of a Senna F1 car circa 1986 for a feature of past cars over 5 decades of F1.