In the event of a bankruptcy, Vice’s largest debtholder, Fortress Investment Group, could end up controlling the company, said one of the people. Vice would continue operating normally and run an auction to sell the company over a 45-day period, with Fortress in pole position as the most likely acquirer. Unlike Vice’s other investors, which have included Disney and Fox, Fortress holds senior debt, which means it gets paid out first in the event of a sale. Disney, which has already written down its investments, is not getting a return, the person said.