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So you have lost every admin password of the system, hmm, what version are you running.
Your understanding is good. We lost all ADMIN passowrds. We are running Hyperion Planning 11.1.2.
The following instructions is for resetting the admin password if you do not have another admin level account created in Shared Services.
Login to your database with the user/password that is the owner of the shared services repository.
Run the following SQL command in Oracle SQL Developer or equivalent tool user by your Relational Database System.
This SQL command will reset the admin account password to password. You will then be able to login to shared services and change it.