Absolutely 100% on point regarding the liability of bitfinex. I like to add that just because bitfinex declares bankruptcy does not mean nobody can recover. If they have any assets, then that will be seized and distributed to cover the loss by the customers.
One thing I do see is that if Bitfinex is not a legally operated company, then the people that developed and implanted bitfinex may also be liable.
Disclaimer: :D
I am not a lawyer. This is pure speculation based on limited, public information. If anyone knows of any errors or omissions, please make me aware of them.
If Bitfinex is not liable for the losses and the accounts were legally segregated, they can continue operating. But this will mean the customers' whose bitcoins were stolen will get almost nothing back. If Bitfinex is liable for the theft, then all customers will take a loss. Bitfinex will be able to continue operating, but for reasons I'll cover in another post if we get to that, the odds would be against them being successful.