The arbitration discussion, while interesting, seems to no longer be necessary when it comes to Chase. All of the shut down reports Ive heard from the last 3 months or so have stated Chase has given them 30 days to transfer or redeem their points.
As for the comment about banks not going after small fish, that's not necessarily true. Some data points have some pretty low MS numbers, and even those who MS a lot generally don't keep high values in accounts, so Id be surprised if someone had more than a couple k in their accounts when shut down. So under 10K is not small fish...