I looked into the size of the insurance company behind the 3407 lawsuits and found out there are two separate companies that are splitting the awards. So a bankruptcy is unlikely but the insurance companies can then sue whoever they like to recoup their losses.

"Insurance Day said the insured value of the aircraft was USD19 million and significant liability claims are expected from the crash. According to Insurance Day, Continental Airways is part of an airline insurance group placement that comes under the umbrella of Northwest. Northwest merged with Delta Airways in October 2008 and although Colgan was operating the flight for Continental, market sources said the hull and liability was covered under a Northwest-Delta plan. Sources added that Northwest’s lead insurer is Global Aerospace Underwriting Managers Ltd and Delta’s lead insurer is United States Aviation Insurance Group. Insurance Day said this has led to the insurers splitting the liability for the incident." RISK-i Update: Plane Crash, Buffalo, New York | GCCapitalIdeas.com