Let the Lawyers Sort it Out
What do the members of Lostprophets do now?
Their band is now finished. There is no way to resurrect the name or do anything with this entity. There probably isn't even an appetite for forming another band or trying to rebuild anyway. Now you have all of these other concerns which pale in significance to the real problems that the victims of Ian Watkins will have to endure.
There is no instruction manual for shutting down a band. Management probably has an idea of what to do, but the entity of the band has to be dissolved. Creditors, if any, need to be paid. The record label has to recoup their losses and they cannot do that by selling anything under the name of Lostprophets. They cannot reissue the albums or keep them in print. They have to withdraw the product and pay people back because that work should not be sold.
The band's gear has to be divided and sold to help pay any outstanding debts. Instruments need to be segregated based on who owns them and what they mean to the musicians. Anything paid for with Lostprophets money was tainted by that, and so I wouldn't be surprised if someone smashed their equipment just to eliminate the stigma. Individual members now have to enter into a serious discussion about publishing rights and whether or not they can continue to use or own the ideas that they brought to the band. Anyone who wrote songs with Watkins now has to contend with the fact that their legacy as a writer and as an artist is now permanently entwined with his. How do you take a song you wrote and subtract the efforts of Watkins and retain something viable? How do you tell your kids what you once did?
All social media and website functions have to cease. Someone has to hold onto the website url, however, in order to prevent someone else from putting up an embarrassing website. For whoever this falls upon, welcome to a lifetime's burden of having been in a band with a child rapist.
It would be unseemly to "profit" in any way from the shut down of Lostprophets. Proceeds should be routed to a victims charity for all time. The whole thing has to be burned to the ground.