I really don't know. Before I became Parma fan, I had supported always 4 or 5 teams in the same time. Since I'm Gialloblu there hasn't been any space for another team. I think of (and about) Parma 14 hours a day, I couldn't imagine how I support another team. Gialloblu forever!
What might happen is what happened to Wimbledon FC. The club went financially fecked before moving to a different region to play their games and are now deep at the bottom of Division 1. The fans didn't like their forced move completely out of the area and changing the name to MK (Milton Keynes [the new area]) Dons and therefore a new team, AFC Wimbledon, was made which the fans followed. They are in a league about 3 divisions above Division 3, but AFC play in Wimbledon, unlike FC. Maybe this is a bad comparison because the term "gloryhunters" comes to mind here but the same thing may happen.
The new Parma could be called Parma FC or something, and they wouldn't be attatched to AC Parma or Parmalat or Tanzi or shit like that and would be run by the fans. They could have the same kit and all, and would be run by the true fans. The bad side is that they would have to start in Tercera Categoria which is an amateur league 9 divisions before Serie A.
If the situation flips to absolute NO HOPE then it will be a tradgedy for serie A. 13 years of euro footy and then non exsistant, that chain seems to break at a strange time.
If the fans own Parma there would be a happy strand in a bucket of bad ones.
I honestly don't know what I'd do without football in my life, it would be a huge hole in my life. I quite fancy learning to play the drums, but my parents would go crazy, so that has to wait till I leave home.
Right now I only really have one "pass-time" which isn't pracitical to do more than I do it currently. Meh.
If Parma go down I can guarantee you that there will be some kind of representation. Parma only has 1 team to represent them...what will all those people who go to the stadium do without Parma. From the 12000 season ticket holders I'm sure there is at least 1 supporter who is very rich or maybe a group of people who would come together to form a consortium.
I think the FIGC would ask Parma to sort themselves out by June or mid August or else be thrown out of Serie A. During that time I think Parma will either get a new owner or becomes a supermarket selling Frey, Bonera, Ferrari, Gilardino, Marchionni and Adriano or any other players that get decent offers. So that they can rasie some money before the set deadline in the summer for registeration.