Based on all prior acquisitions like this Eastern>CO, PA>Delta, Piedmont>US, etc, the FF miles will be recognized by the acquirer.

However, I wouldn't be too sure there will not be a "requalification" requirement to move a life Aviators Club membership to Admirals Club.

I had a Life membership in the EA Ionosphere Club. I cannot remember hearing anything from CO until several months after the demise of EA. Then they offered to transfer and continue life membership in their Presidents Club if I made 4 (?) RT flights within 6 months. At that time CO service was the pits and EWR not much better, so I passed on the offer. I seldom fly CO, so I have not missed much. However, in the case of AA, it would be easy to requalify.