[worik]

Yes

An alternative is to bankrupt the partners, cancel the shares, then take action for depositors

That is what did not happen in 2008

[boeingUH60]

This is exactly what's happening here. Equity investors have lost their shirts. The government protection is only for depositors.

[worik]

I hope so. But we have not seen that yet.

Have the shares been canceled? Are the partners bankrupted?

Too soon to tell. Remember AIG