While it's true that the past is usually a good indicator of what will happen in the future, I would suggest that an analysis of the present provides a better idea. We have already seen Ansett go belly-up and those flyers have lost their miles. One occurrence doesn't make a pattern, but it certainly doesn't give one confidence either. More importantly, the current situation is not that of a single airline having trouble....they all are (Southwest being a possible exception). I don't expect to see another airline coming in and buying the assets of a faltering carrier....none of them have the money and with the schedule cutbacks none of them really need the assets. What's far more likely, in my view, is that a faltering carrier will sell off assets piecemeal to those carriers who want particular routes. Unfortunately, a FF program is a liability and can't really be piece-mealed. In the end, the faltering carriers FF program will simply evaporate when the carrier ceases operations and hard-earned miles will be lost.