Congrats on hanging onto 700K of the "old" AA miles... that's very valuable currency! Check the old award schedule... you might even be able to get the old 50K Hawaii First Class and an Upgrade award.

This policy has been in effect ever since AA started making miles expire many years ago. It's why these miles are separately identified on the statements. When redeeming miles for "new" awards, AA first uses miles subject to expiration, with the oldest used first, and only uses "old" miles when there aren't any "new" miles left to use.
Unfortunately, after all this time, with my general philosophy regarding miles of "use 'em before the airline devalues 'em or goes belly-up", I only have about 8K "old" miles left.