I don't think that there is anything major to worry about. LH has just poached the head of India's Jet Airways to run BMI so closure or quick sale seem unlikely for now.

What MAY happen is little tweaks like the end of cash and miles, in the same way that F redemptions were moved to 2.5x instead of 2x Economy.

At the end of the day, cancelling redemption flights is not expensive so you may want to lock in major trips for 2010.

Egypt - do it in BMI Business Class. It's a fairly long flight and you'll find this a good use of miles I think. You could always buy some more if needed. (Is the £550 Swiss flight in Y?). Similarly, Russia is a great use of miles as Moscow is treated as a European redemption, so very few miles needed even for Business, especially with cash and miles.