I don't remember this "Triumph-badged Prelude." The TR8 (V8-powered TR7) was the last of the series. The Triumph badge continued for a few years with the Triumph Acclaim (Honda Ballade/Civic), but I don't recall a Prelude based model.
Triumph, along with a few hundred (okay, more like a dozen) brand names, was put in storage. British Leyland became Austin Rover, which became Rover, which was absorbed by BMW. BMW sold Rover to a private firm in early 2000 and it was renamed MG Rover. The Triumph badge, however, still belongs to BMW along with the Mini brand.
It could rise again.