Two comments from the peanut gallery:

1) 160,000 miles used before April 31st is worth 8 roundtrip domestic coach tickets. 160,000 used May 1st or after is worth 6 roundtrip domestic coach tickets (for trips over 750 miles) or 10 roundtrip domestic coach tickets (for trips 750 miles and under). It may be in your best interest to use all or part of the awards prior to the April 31st date if you’re trying to get more tickets for the longer award travel.

2) Let’s assume TWA will go bankrupt again, which in my humble opinion, they will not. Whoever takes over TWA or a TWA under bankruptcy protection would want to cover their customers’ assets (frequent flier miles). After all, with a 100% upset core flier base, no airline would have any chance of survival.