1. If the studio had filed a lawsuit, there's a very good chance that, after seeing the Asimov estate's permission, the judge would have quickly tossed the case on summary judgment --- and quite possibly awarded the student his attorneys' fees under section 505 of the Copyright Act,[1] as happened recently in several of the Righthaven copyright-troll cases.[2]
2. A copyright lawyer might have been willing, for little or no money, to explain the facts of life to the studio lawyer on behalf of the student. The student then might have been able to respond to the studio lawyer (with utmost politeness, of course), "do what you gotta do." He could then have started making his movie and waited to see what the studio did.
3. It's likely that any lawsuit by the studio would have been quickly resolved one way or another, without much in the way of legal expense:
• If the student had won quickly on summary judgment, the odds are that his lawyer would have been paid by the judge.
• If the student had found he wasn't going to win quickly on summary judgment, then he could have caved to avoid further expense. The odds are that the studio would have gone along --- and might even have been willing to pay the student's legal fees just to get rid of the matter.
4. Either way, both the student and his lawyer would have gotten at least some reputational benefit from the resulting publicity.
5. Heck, they could have proposed settling the case along the lines that Southwest Airline's CEO settled a trademark dispute years ago over the term "Just Plane Smart": Herb Kelleher arm-wrestled the other side's CEO for charity, resulting in good PR for both sides.[3]
6. All this assumes, of course, that the article accurately states all the relevant facts. Lawyers know from hard experience that this always has to be confirmed.
[1] http://www.law.cornell.edu/uscode/text/17/505
[2] http://www.copyrighttrademarkmatters.com/2011/11/01/righthav...
[3] http://en.wikipedia.org/wiki/Southwest_Airlines#.22Just_Plan...
[Edited for style]