As I understand it, usually, Cede will still hold the bulk certs in segregation pending disposition requests from the beneficial holders. The Cede cert will be adjusted by the TA on a periodic basis to reflect transfers to the beneficial holder or transfers to an in house defunct account. All this is with the proviso that the TA is still under contract to provide services to the revoked company. If the TA isn’t still under contract, any instructions for disposition of holdings would be moot as if there isn’t a TA, there isn’t anyone to process the request.