Has the transfer actually gone through yet?

Who knows how the agreement between VS and Hilton works but at some point VS is going to be asked to write a check for the Hilton points and I suspect that once it gets to the attention of whomever is controlling the purse strings over there that we might see VS reluctant to do so. They don't seem in position to be letting cash go out the door at the moment. Probably won't affect in process transfers but you have to believe that this possibility may not exist much longer.