While I think it highly unlikely and, personally, quite devastating, this is how I'd like things to shake out:

Super Mario and Donkey Kong go to Michel Ancel and his team at Ubisoft Montpellier. They've proven they can turn out brilliant 2D and 3D platformers.

The Legend of Zelda goes to Retro Studios, assuming the studio can support itself independently after Nintendo's imaginary bankruptcy. Retro Studios has demonstrated a mastery of the action-adventure formula, plus it now includes former staff from Vigil, which worked on the Darksiders series. If Retro falls along with Nintendo, then JAPAN Studio would be my second choice.

Metroid goes, again, to Retro, but assuming its closure, I'd hand it over to Konami and hope for the best.

F-Zero could have gone to Studio Liverpool, but Sony shuttered it in 2012. So it could either go to Firesprite, Liverpool's spiritual successor, or Shin'en or Sega.

Star Fox is a tricky one, but I think I'd want it to go to Yukio Futatsugi at Grounding Inc.

Pokemon to Level-5.

Fire Emblem to Atlus.

Animal Crossing to Natsume.

The main IPs, Pokemon, Zelda, Mario, Donkey Kong, Metroid, Animal Crossing, Kirby would be divied between Microsoft, Apple and Disney. The smaller IP Fire Emblem, Advance Wars, Golden Sun, Endless Ocean etc. would be divied among smaller companies like Konami, Sega, Sony, Bandai Namco, Capcom. Some IPs like Custom Robo would just die :(

I think those franchises would died with Nintendo. Of course the IPs would be sold, but I think they would lose their magic, the philosophy behing them. Just look at who are leading the teams at Nintendo, most of them work on the first nes and gameboy games. They have been with Nintendo for a long time now. The new ones that join the company have the philosophy pass on to them to make sure they maintain what make Nintendo special in the futur. Just look how carefully Miyamoto is passing Zelda to Aonuma even thought he is there for quite a long time too. That's also why Iwata once said he would rather develop their games internally than lending the IPs to other studios.

I doubt Microsoft would be able to let everything untouched. heck look at what happened with rare. I bet Nintendo would change just like rare did. When you see everybody saying that Nintendo should go mobile except Nintendo themselves, you can already know what would happen if they go Bankrupt. Quick cash in... Nintendo might be slow at producing their game and have softwares drought, but they are still the ones making the best games on average in the industry. Nintendo going bankrupt would hence be terrible, but it not even close to happen.

I can't even humor this hypothetical. There is a greater chance of Apple going bankrupt than of seeing Nintendo's ALWAYS HIGH SELLING first party titles being made/owned by another company.

The Wii U is struggling yes, but even the first party titles on it have begun to cross the 1 million sold line (which is saying something considering the console has only sold 5-7million right now). They have a ton of reserve cash, and they would sooner leave the hardware business and sell their ip's on other platforms than they would go bankrupt and lose their ip's all together. 

Whats going to happen to playstation.when does go bankruprt

I think he's exaggerating to make a point. Despite the fortunes of the PS4 and Wii U. Sony is still the most likely to go bankrupt of the Big 3. I chuckle at threads like this. Nintendo's isn't going bankrupt. 

Assuming the auction was tomorrow, hypothetically, it's more about who would get their studios and who would most benefit. Sony would likely push to buy Nintendo EAD, Bandai-Namco would pick Monolith Soft back up and get Game Freak (Bandai specifically taking over The Pokemon Company), Sega-Atlus takes Intelligent Systems, Microsoft gets Retro Studios, and Capcom buys HAL Labs.

Nintendo going bankrupt would show that their ips are not wanted.

This says it all:

http://www.forbes.com/sites/maggiemcgrath/2014/01/27/sony-credit-cut-to-junk-status-as-smartphones-cannibalize-its-tv-and-pc-businesses/

For Metroid, I'd rather Konami, Epic, or Wayforward get it. They have experience with games similar to the 2D Metroid games, which I consider best.

If another dev bought Zelda, I'd choose Silicon Studios. Nintendo fans know them now as the Bravely Default developer, but they've also developed 3D Dot Game Heroes. If any of you Zelda fans have a PS3, then it's a must own title for you. The camera on the overworld can be changed to a completely overhead view, a 2/4 overhead view, or 3/4(dungeon in same video) overhead view instead the front view which you'll see in the video I'm posting.

http://www.youtube.com/watch?v=iZS7Ml_WojQ

Mario and other platformers should go to NIS. You might be asking. Why give platformers to a shi**y RPG developer. Because despite their interest in only developing crappy RPGs, the few times they've developed other games, they've turned out literally amazing. They haven't made any 3D platformers, but on Disgaea 3 there are some small areas where you can run around do minor platforming bits, and if they did create a 3D platformer, I'd say it's possible that it'd be a great game. They've developed Prinny and Prinny 2 though, which are stage based platformers that in my opinion are some of the greatest platforming games I've played in a long time.

http://www.youtube.com/watch?v=qnp93PM95oA

Everything else that Nintendo has, I think the franchises shouldn't really go to anyone. Intelligent Systems games for example are probably best developed by them. Though Namco Bandai has the Gihren's Greed series of games that play like Advance Wars titles. Maybe they could purchase Intelligent Systems as a developer who then works on Advance Wars, Fire Emblem, and Namco Bandai games like Gihren's Greed sequels.

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Instead what I really see happening is Nintendo if by some chance they were to ever go bankrupt or close to bankuprt, they'd go third party and develop the games themselves.  Not that I want them to go third party, but this may be a good thing, because maybe we'd see more Metroid, Advance Wars, etc.