Bottom line being that the miles liability is worth much less to AC than it will e to an independent Aeroplan, which will need to pay good money compared with the peanuts they currently pay.

I see no reason to have sympathy for Aeroplan in this game. I really enjoy what AC is doing to the crooked game that AE is. And always was. Way too much smoke and mirrors going on. People and businesses making money on stuff with no real value added to the economy. Just like all these booking engines which suck money in the gap between customers and hotels/airlines; I always book directly whenever I can.