I had an example sketch that was read only that I modified and saved as my version. Somehow the modified version I created carried over the read only protection and now if I try to do more edits it tells me I have to save it under another name. WAT? This is nuts. How can I remove the read only protection. 
It sounds like you need to remove the read only attribute if the file. If you are using Windows then in File Explorer right click on the file and look at its properties. If the file is saved in a folder that is itself marked read only then you need to change properties of the folder too.
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Rather than removing the R/O protection, why not create a new project and copy the original code into it? That way, you retain the original code which you can "back into" if the need arises.
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He/she has already created a new version and saved it but they have not said where it was saved.