The court would appoint someone to act in the shareholders' behalf. Probably all would be transferred to another brokerage for free. Remember the brokerage does not own the shares, we do. They are only acting as an agent. Any difficulties they have, up to and including bankruptcy, the shareholders have no liability period.
Let me be clear. Shareholders who own shares in that brokerage could have problems. Unless they are preferred they may get pennies on the dollar for their shares in the company, but any investors who own a portfolio of stocks purchased with the company as agent and paid the company fees for buying and selling have no worries.
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