They would definitely deserve it: what ever good will they were working towards garnering in the last several years went up in smoke with all the bullcrap in the last few years, and the money grab DLC. You have to piss off a lot of people to end up being a worse company than Bank of America, a bunch of fat cat government bail out parasites that put people out of their homes and almost made the United States of America collapse. But EA going down would take down a lot of IPs with it, and a lot of people working for them too. I'd also not get my BF3 DLCs I paid for, so I'd be pretty pissed off.
What I would RATHER see is EA smarten up, and focus on better consumer friendly practices as well as tightening their belts in how they make things. Rather than dumping 100 million dollars in a bloated project, then desperately nickel and diming all that money back, they should find ways to produce game that do not rely on everybody playing it to dump 150 dollars worth of DLC trinkets to break even. EA could learn a lot from Valve's business model of making fantastic games, and generating good customer will with their fan base, as EA's current model of treating customers as thieves, marks, and milk cows is obviously not doing them any good.
EA could also afford to dump a few IPs, or sell off some studios that are not working out well with them. If EA can't produce a decent Bullfrog or Origin title right now, maybe another publisher could? It could also give them a shot in the arm of on hand finances to jetison an IP that they have no intention on ever making a game for but other studios out there would love to do.