This may clear up the issue a bit:
Originally Posted by pkradd
Yes. Frank's recordings could only be on the Capitol label. Also they were not allowed to be put on compilations with other artists from the label. Of all the Pickwick releases licensed from Capitol only Frank's I believe had to have the regular Capitol label on the product. As a matter of fact, Capitol pressed those albums even though Pickwick had its own pressing facility (Keel Mfg.). There was at some point a lawsuit from the Sinatra side claiming that Capitol had no right to sell his product at budget prices as it diminished his reputation. I don't think anything came of it however.
So, yes, it would appear that they still own the FS