So the title doesn't really say anything at all, my question here is, who has the rights to anything dealing with Arcanum and Troika's games? This is not about the games themselves, but rather, if someone were to write novels based on the Arcanumverse would they require a license to do so? I know that the Vampire series would, and definitely the Greyhawk setting... but Arcanum was a unique creation of Troika and with Troika out of business, would it be legal to use the setting for fantasy novelisation? Quickedit: I don't mean fanfiction online, I mean more along the lines of something being published, a la Forgotten Realms novels, etc.
I think you have to talk to the publisher, in Arcanum's case that is Sierra. They probably have all the rights and everything.
Well now, if you didn't use any of the names of specific locations in the game, but rather focused on the play between technology and magik and the changing perspective of people around that time, you could probably get away with it. But if you decided to follow the storyline, Sierra would probably sue you back to stone ages on account of copyright violation. (Guess you better vote for the Pirate party, eh?)