I'm pretty sure it'd be sold to Nintendo. I mean, we have Mario & Sonic, and a lot of the sonic games have been Nintendo exclusive, so it'd make sense.

Either Sony or Nintendo, but probably Nintendo if that is the case

I would hope that Nintendo would buy him, but they wouldn't.

Nintendo would buy him and make the Big the Cat game we've always wanted!

I would hope he'd do the honorable thing and die with them.

SEGA won't go bankrupt. They're too stable.

The closest there would be would be Sega Sammy closing the studios down. They would retain IP and there would be no auctions.

I actually want that to happen so that Nintendo can buy the IP.

Sony is named after the latin word for sound, Sonus, which is also the root word for sonic and sound.  Panasonic too is named after sound.

Another note is I think that Hirokazu Yasuhara, the co-creator and former game director of Sonic the Hedgehog is with Nintendo NST.

three tears would be shed. none by me.

sense doesn't matter in this senario.

sonic would be sold to the highest bidder and in that senario nintendo is about the least likely one to pay top dollar for sega's ip.  maybe ms or sony but more likely one of the multiplat publishers like activision would pick him up.