How screwed would the Fords (and the Ford Foundation) be if Ford declared Bankruptcy?

And by bankruptcy, I’m talking about the type where all the current stock is invaildated, and they sell all new stock to everyone. (see KMART)

I am assuming a large portion of the Ford family’s wealth comes from their ownership of a majority stake in Ford, and also that the Ford Foundation still operates largely on dividends from its Ford stock holdings.

So, if Ford declared bankruptcy, would the Ford Foundation be able to continue operating? Would a good chunk of Ford family wealth be wiped out (not that it isn’t already, at $2 per share, but it could go back up once the market recovers a little, and if they pull their heads out of their behinds).

If not, how?

From http://www.answers.com/topic/the-ford-foundation

I don’t know what assets they hold, but they are diversified, and probably fairly conservative.

But what’s the worth of the Ford family’s stock? It’s not the same stock that’s publically traded.