I'm only going to answer the first question, because I don't really have an answer for the others.
I think a group of active Ledgies - each with their interests focused on different eras of the band - should buy the Penguin (and with it, of course, the Ledge). This way they could split up the time and cost of purchasing, updating, and maintaining the site and the variety of interests would help to prevent certain areas of the site (like solo discographies and such) from being neglected.
I think the idea of selling to Warner Brothers or any member of the band is foolish. The best sites are always the ones owned and operated by fans, and we've seen how great fansites become not-so-great once becoming "official." I'd hate to see The Penguin suffer the same fate.
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