1. AFAIK, frequent flyers are not considered unsecured creditors within the context of US Bankruptcy laws.

2. If there is an economic argument justifying the assumption of SkyMiles by another airline, then the miles will be assumed for those SM members covered within the argument. All members might have all of their miles assumed, or Platinum Medallions living in targeted markets only might get 50% of their miles assumed - there's no way to know this definitively beforehand, and let's hope that the events necessary to force consideration of this issue do not occur.