Three things:
I think the company would have more money had Stan, Gill, and Art, properly and fairly ran the company.
I think the IP can be valued, separately from the business. Magic Storm (POW! was a part of this) paid $500,000 upfront for "The Annihilator" IP. It appears that Focus Media paid an average of $577,778 per IP for Ricco Media. And, Ricco Media was showing losses for the two years prior to being sold. From all appearances the IP is worth more than $500,000 each.
There was no indication POW! was for sale, until it was announced that Camsing was going to buy it. It appears that a majority of shareholders (Stan, Gill and two trusts) had already agreed to the deal (signed a voting agreement for the deal). It isn't clear that voting agreement could be broken for a higher offer.
