Let's split up the loot. Here's my take on it:
magic heavy steel shield - Sell. Solomon and Oculus are proficient but its not their style.
magic banded mail - Sell. Oculus is proficient but wouldn't use it.
magic dwarven war axe - Solomon. The only one proficient.
magic dagger - Jasper. They could all use this, but I think Jasper should take it.
magic kama - Dai. The only one proficient.
magic pearl - Jasper. Most likely a pearl of power (assuming Oculus' Knowledge ranks would allow him to know of pearls of power). Jasper has a higher caster level. Though it is an item they could share. If its ok with the others, Oculus would try to use it right away to cast another cure light on Solomon.
healing potions - Dai and Solomon, the melee fighters. Oculus would normally provide healing for himself and Jasper. That is, unless he is taken out by halfling rogues! Though maybe Solomon and Oculus should take one each now.
masterwork (?) throwing axe - Sell. Solomon is proficient but he has his bow.
masterwork (?) composite longbow (+? Str) - Sell. Solomon is proficient but he already has one. Unless this one is better (ie same str bonus and masterwork).
masterwork (?) sharp spear - Dai. Oculus and Solomon are also proficient, but Dai could use a ranged weapon besides his sling.
masterwork (?) greataxe - Sell. Solomon is proficient, but the magic dwarven war axe is better (unless its cursed).
3 small masterwork (?) daggers - Sell. We don't have any small characters.
masterwork (?) heavy mace - Oculus. Solomon could also use it, but he's got lots of weapons.
We could also give the magic heavy steel shield, throwing axe, and greataxe to Jraq and/or Trolm.
I am open to any split, even if it means Oculus gets nothing. I think in game time we probably would've split this very quickly, but pbp makes everything longer.