I almost understand that the factory may want to make a distinction between a US assembled version and one assembled at Malvern but if it is identical and the bodywork etc was done at the factory I would think it should carry the badge. I may be wrong but I don't think Morgan ever made an engine so the real morgan is one that had the rolling chassis and body built at Malvern. The chosen engine of the period was then dropped into place to complete the package.
Or am I being too simplistic?