The guy playing him didn't own the copyright, since it was originally from an 80s TV show. Once he made the character famous, the TV show copyright owner fucked him over and he had to come up with his own character, thus Count Binface.
Ok, I'm completely wrong; they're the same person. Lord Buckethead was copyrighted so he had to metamorphasize (painfully by his account) into Count Binface.
Not sure if this is a better supehero backstory though.