Randy says that a spinoff would be good for members, because their miles would be safer -- if an airline went under, the program could simply contract with another airline or airlines for tickets, which they could get cheap because of their buying power (a couple hundred million tickets/year for the largest programs).

I'm wondering if there's another real world example of this besides LatinPass/GlobalPass, which doesn't provide alot of hope that things would work out well for members. Perhaps better than an airline going under and stranding members altogether, but not a scenario of no downside to members whatsoever.