So perhaps they aren't even able to sell it. Maybe it's tied up with other contracts? I guess that wouldn't stop them though.
I believe someone has the license for Earthworm Jim 4 so selling the IP would be complicated - although I don't think they'd do that unless they were forced, it's probably the license Interplay is most likely to hold on to.
As for their other IPs, the sale of Redneck Rampage might suggest that Interplay has been trying to sell some of them . . . or it's possible that they've been trying told hold on to them and someone showed up with an offer. :shrug:
Or maybe they are just not smart. You'd think if you *could* sell everything to make an awesome MMO that would be successful then you would.. so either 1) the IPs aren't valuable enough to put a dent in what is required for the MMO or 2) they are just really really bad at business... which is why it baffles me that people would defend them breaching contracts because a shadow of their name was on a game they liked 10 years ago.
I don't think they could have sold all of their IPs to make the $30 million they needed for the Fallout MMO license. However the more money they had the more stable they would be financially, and therefore the more likely someone would be willing to back them financially. It's a lot easier for a company with $10 million and a strong foundation to ask for $20 than it is for a company with next to nothing to ask for total backing of their project.
Given a small team you could work on some Arcade for 360 downloads to get your name back in circulation, whilst you're still trying like mad to gather funds for the impossible. The only thing circulating Interplay's name at the moment is negative press. If they pull a win out of this it'll be the turnaround of the ages.
Actually Interplay has been working on some dinosaur game for the DS, which is pretty much on par with Arcade games for the 360. So some part of Interplay had the same idea at least.
And you're right about needing a win like this to start generating positive press about their name. The Interplay brand isn't worth much if people only associate it with bankruptcy.