Do you mean "own Merrill Lynch stock", or "hold stock in other companies in a Merrill Lynch account"?
In the latter case (just like with a bank failure) your assets are owned by you. they don't "vanish" just because the broker failed, they'll just be transferred to whoever takes over their customers assets if they fail.
In the former case, Merrill stock may be safer than most since they are in that "too big to fail" category...
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In the first place, your assets were never at risk at ML -- that's what SIPC insurance is for.
In the second place, they are clearly in the "too big to fail" camp for the powers that be (right now). You should be safe for at least a decade or two.