I think option #1 is the most likely. From what I've seen, investment funds are more interested in selling off parts of the business for tech and profit, not keeping the Olympus brand alive. The brand’s value isn't what it used to be, and with the market shrinking, putting money into R&D seems risky. As for Panasonic, they’re probably going to stick with full-frame and focus more on their video lineup, especially since m43 doesn’t seem to bring in enough revenue. Phones taking over m43 sensors (#3) is an interesting thought, but I’d say it’s still a ways off. Ultimately, it feels like camera companies across the board are having to adapt to shifting markets and changing tech, much like Olympus did in the past.