of course, still if it was stolen from you i still reckon its okay from a personal point of view, but from a law point of view absolutely not.I wonder if ownership is lost when possession is...
from my point of view, as long you got the console broken or not, you legally viable to use but when you have to use a bios in an emu it must be your own bios otherwise technically thats stealing (also i hate people complain about their emu issues since they downloaded a corrupted bios, same thing when people complain about their downloaded isos and roms without realising its corrupted)
its like using dolphin emu to play wii games (when they play bug free that is), is it okay if i buy the game for me to use the emu since it doesnt use the bios of course not, nintendo are still selling the console, its like you robbing nintendo of their sales of the console....
its the same for the older consoles as well, and before you complain i cant get the console, try ebay, i get all the consoles i could ever want.... still it is not legal to play the emu or use the bios of a console if you sell the console since you sold the use of the console and right (license in a way) to use the emulator
in short, no console no emu period, and use your own bios period... by the way thats how the law sees it unless they change it
by the way there are bios files for megadrive/genesis, master system, nes, snes and many older systems, its up to the emu auther to use them or not... if you dont believe me, check kega emu, you can choose to use megadrive/genesis, master system and game gear bios
sorry for the long post but purchasing a game on virtual console/or similar system (cant remember xbox 360 calls their system or i am i getting wiis one confused xbox360 one, whatever i hope you know what i mean) doesnt mean you are allowed to use the rom in any emu or give you right to use an emulator based on the game you purchased, all you get is a license to use the rom of the game you purchased only in virtual console/or the similar system... its the law, take it up with nintendo if you prefer to have purchased a license to use their roms on any emu, hey just tell them you have done it already and see their reaction