When I say the IP, I'm not necessarily referring to the lore, although it's a part of the IP, the overall IP is Magic: the Gathering itself. Hell, while I liked the old lore, leading up to Apocalypse, and some of of the stuff after it, I personally couldn't care less about Jace, Chandra, and whatever.
Or let's put it this way, if someone buys the IP to something like Spiderman, they get the cultural idea of Spiderman and not specifically the Andrew Garfield Spiderman movie lore, simply because that was the last Spiderman movie made prior to Marvel buying it. So you could toss out the lore and make new lore for all it mattered, as you'd hold the brand name, game, and cultural touchstones like the concept of a "Black Lotus" as well as the title of the first TCG/CCG.
