Speaking as one who often enjoys twirling his mustache (metaphorically, anyway; IRL I am clean-shaven) and playing up villainous tropes while actually trying to serve good ends via good (if oft-maligned) means, I think going through legal/legislatorial/real-diplomacy channels on this is...misplaced. Like it or not, it is NCSoft's right to do with its property what it pleases. We cannot have free trade and then try to play "take-backs" when we don't like how those with whom we traded freely use that for which they traded.
That said, we should of course try to pressure NCSoft into working with us, rather than against us. We should do all we can (ethically) to find out what reasons they might have for not selling CoH and all associated rights and properties if they don't want to run it anymore, since it's not an unprofitable venture. We should then seek to find solutions that make their continuing to fail to sell it a truly adverse decision compared to what we've concocted. This will be a lot of work and effort, but given all people have done thus far, it is within our capability, if we pursue it.
Above all else, we need to support Paragon Studios and its leaders; anything we do needs to be aimed at partnering with and aiding them. The last thing we want to do is set up something that battles with Paragon for control of the IP; the more intact Paragon is when it finds its new home, the better off CoH will be.