Well its not quite that simple really or is it? it seems Sega only copyrighted up to last year, in a quote from an email:
'At this time, Sega no longer recognizes the GiriGiri emulator. The GiriGiri team author Shinya Miyamoto is the original Copyright holder of 2001. After he left the project and Sega took over, the emulator was short lived. Sega took over the copyrights up to 2003 and never renewed them after the theft of the unlock code to the commercial release and the project was canned.
Sega does not have any future plans for GiriGiri at this time, and as you point out, the recent take over of Sega, will not likely even consider emulation, as Sammy will be focusing on arcade systems.'
You can read the full mail at emufanatics here in light of this theres people working on reverse engineering it and making it open source, will this be the start of free & legal Saturn emulation with which you can play games? time will tell