Does the LLC just go bankrupt or am I at risk personally at that point?

They are suffering from their own stupidity, being "over-leveraged", and the investor from greed/fear inducing a good old fashioned Bank RUN on them, which they don't of course have the funds to pay out without bankrupting themselves.

Out of the 27 deals I have invested in over the 20 years with the 8 syndicators, I have had one go bankrupt, 2 get partial returns, and 19 make money. 

The most likely outcome is that, eventually, this place will bankrupt you.

I have seen on my last trip to New York City formerly bankrupt hotels recover and make a ton of revenue off illegal immigrants.

For us to invest like Jay, we would both likely go bankrupt for getting in over our heads and not having the skills to pull things off like he does.I think many investors that post on BiggerPockets may forget that their way isn't necessarily the "right way."

Also in theory, due to large reserves of the bank/lender, I think if I'm the lender, I would just choose to bankrupt all these GP.

If the co-op goes bankrupt, you lose your shares. 

This could bankrupt many landlords and is not fair to property owners and landlords.

USA is 110% bankrupt, and has been for a very long time.