Hi. I thought I saw somewhere that AF/KL are honoring. So ok, if it is hearsay with no written memo then it's not reliable and highly risky. better wait for more actual stories here.

The Jet engine hypothesis I made earlier is also not reliable. First, I was quoted a list of options / airlines which match the Jet Engine, then they turned back on me citing that "upon further checking with relevant team", it is not available for booking. They always have fingers point somewhere else. Not helpful. They also blamed it on Qantas and said that Qantas refuses to reprotect to their flights even with a downgrade. I don't really believe this explanation to be frank. There was no time for them to check with Qantas as I am on emails with jet team every few hours. I think they are the ones who decide that all QF pax will get transferred to Scoot (much cheaper option to reprotect) and give everybody an option to fully refund. Take it or leave it.

For the refund process, I had my entire miles refunded in about half an hour, god knows when taxes will be refunded (they say 14 working days). Then i immediately bit the bullet and booked a QF business class tickets using my entire miles reserve plus USD1000 extra than what i paid for the original award ticket. Miles balance now is zero and BYE BYE Forever Jet Privilege.

If I were you, I think I will just hang on to it until 10 May when the bidding is closed. If the airline goes under, it might be saver to ask KLM first, and then JP, and then refund if required and make other plans. JP is separate than 9W so if 9W goes under, JP might still be alive a few more weeks. Now they are functioning like travel agent, marking up those fares and charging people extra miles to purchase. So they are making money. You might want to check first what is your alternative if you lose this entire ticket. For me, it's about USD1000 also for an SQ PEY ticket so i bite this bullet and move on.