There's a little (very little) in the CR archives about this "Mark 2" attempt to resurrect the Lambert marque:
"2003 Lambert MK2 Competition bicycle frame. Built for the 2003 Interbike
Trade Show held in Las Vegas Nevada. >>

I missed seeing this bike frame at the show.. Did anyone else who went to
Interbike see it?

<< ..... As with all Lambert MK2 bicycle frames this frame is constructed in
England with Reynolds 531 double butted tubes and fork stays. "

This tidbit is a quote from somebody who saw a F&F on eBay in 2006 (asking price was something outrageous, maybe $3000.) and response was from Dale (the CR boss) who remembered the attempted debut at around 2003...apparently it wasn't successful.
Dale thought the Americans who were in on this venture had a HQ office in Atlanta, but they didn't respond to Dale's invite to show up at his annual event in NC (Cirque), so he concluded they were overwhelmed with business troubles and/or under-financed.
I've never seen or heard of one of these till now, but looks like really nice finishing, if not really nice in general...but wouldn't have paid $3K for one!