Hypothetical 1: The company goes bankrupt and long term implications are that photographers will have reduced/no income, other employee impacts, no place to get photos online, and executives move on to continue their shoddy business behavior.
Hypothetical 2: The company immediately goes under within just a few weeks before the Olympics, and now nobody can shoot the Olympics.
There are numerous invalid assumptions being made to form Hypothetical #2, but the two are distinctly different situations, one surrounding immediate dissolution and thus affecting world events, and the other much more long-term, which allows all other organizations to pick up the pieces and lessen the impacts.
Can't we just drop this? There isn't really anything to win in this game (and one that isn't really any fun) of "let's assume this". They are being sued, and rightfully so, so now we just wait to see what the outcome ends up being.