If Sega would have become bankrupted during the DreamCast days, it would have probably been bought by Microsoft. They were entering the console market, and if they bought Rare to get recognisable IPs even when their biggest minds were departing, buying Sega would have been an even bigger push to the XBox. After all, one of the biggest software makers for the system was Sega, so it isn't that far of a stretch.
Nintendo was pushing hard the GCube at the time too, but if they didn't buy Rare before Microsoft, why would they buy Sega, it being an infinite bigger fish, and having the GBA selling quite well, compensating for the money the GC wasn't earning? Sony wouldn't have done it period, they were on the top of the mountain already, they didn't need such a big risk.
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