Can you say Class Action? Let's remember that the LatinPass Million Mile bonus miles were earned under a system where LatinPass was the agent of the airlines. Here from the terms and conditions of the program at the time:
"LatinPass acts as an agent of the frequent traveler programs of the Latin American airlines stated in this document. LatinPass is not responsible for the failure of LatinPass airlines or partners to provide travel or services as indicated, or deficiencies in travel and services provided. Travel on any LatinPass airline will be subject to the appropriate airline's filed tariffs and standard contract of carriage. LatinPass airlines reserve the right to change award level mileage and conditions required without previous notice, and may cancel the program with six months notice. Participating airlines within the LatinPass frequent traveler program are subject to change at any time without notice. All travel award conditions may be subject to government regulations. "
So, if LatinPass (now GlobalPass) is not responsible for their failure to provide services, the airlines must be. They reserved the right to cancel (and this amounts to a de facto cancellation) with six month's notice, but have given three weeks notice.
Since participating airlines were subject to change, I doubt any action could be commenced against those which have departed, such as COPA, US Airways (bankruptcy wipes it out anyway), or various others.
But I think there is probably a good argument that TACA and KLM are responsible for recognizing the miles, at least until they give six months notice. Given LP/GP's history, I would be surprised if all those who want to ticket within next three weeks are able to.
This is major news. Make sure everyone is aware of it.