There is a connection I'm told. Several different versions are floated.
Ithaca made the singleshot Model 49 lever action 22 saddle gun,,they also made for a short time the lesser known Model 49R (Repeater) saddle gun.
The Model 49R had some problems and didn't last long in the lineup. In fact those sent in for repair were 'recalled' and not returned to the customers. I don't remember what financial or replacement agreement was done at the time.
I only recall seeing 2 Model 49R carbines in all my gunsmithing experience and they were for broken front sights. The guns worked fine.IIRC, the plastic inner mag tubes were the main fault of them.
Anyway,,the replacement in the Ithaca lineup for the Model 49R was a more conventional lever repeater called the Model 72.
It's designer was Lou Imperato,,late father of now Pres of Henry Repeating Arms, Anthony I.
At the time the Model 72 mfg was farmed out to Erma in W Germany for mfg w/ an import agreement back to Ithaca.
Erma also produced a version for sale in Europe.
The gun stayed in the line for a few years and was then dropped.
It re=appeared later, picked up by Iver Johnson. Still made in W Germany by Erma. Now labled as the Iver Johnson 'Wagon MAster'.
Who owned IJ at the time?,,Lou Imperato.
(He was also involved in assembling the 3rd gen Colt BP revolvers using his IJ plant and employees.
He was all over the place in the gun business having started as an employee at Jovinos in NYCity)
I don't know if there was a patent that was bought (back) or originally held by Lou Imperato when he started the Henry Rep Arms Co.
Or it was simply a case of using old ideas from that design and updating to produce a newer design but still showing it's heritage.
That's the story I got from several people in the business. But like all endeavours, storys are just that sometimes and they get tangled and off track sometimes.
That's the best I have for you.