Ssides"For the most part, you're SOL.
Airlines have the right to alter or terminate mileage programs at their will. The only thing they have to take into account is how miffed passengers will be if they were to dramatically alter the way miles are earned or redeemed.
If the carrier goes under, its miles are technically worthless. However, I believe that when this has happened in the past, some airlines -- in an attempt to seize the dead airline's customer base -- have honored the defunct airlines miles. Can anyone confirm? "
You are correct. When PanAm went belly up AA
honored the miles that I had accumulated on PanAm when they purchased the routes. It is debatable though whether this was the norm or a DOT stipulation for allowing the purchase