Ask HN: Acquiring technology product from former employer

Has anyone tried to purchase a product line from a former employer? In my case it is a technology product that has not seen a formal end of life but has not received any major update in at least 10 years. The install base is global and reasonably sized (I estimate ~5,000 enterprise customers). I was an engineer on this product and then the Product Manager for several years. There are some patents that protect pieces of this technology so I can't just clone it. This product was acquired by my former employer during an acquisition and has never been a focus or priority. I see a lot of potential still in this product. So HN am I crazy or can this be done? What terms should be included and what is the best way of broaching the subject with them? It has been more than 1 year since I last worked there and I left on good terms.