They have a couple billion in debt, that's why no one can make money by just selling off their IP.

They apparently transferred control of their 3 biggest IP's to a subsidiary tencent has an additional 25% ownership stake in (presumably in addition to the 10% or so they already had), so that makes it even more difficult for someone to sell out the IPs. There probably isn't even much value left in the "main" part of the company.