"UAL is not likely to put pressure on its frequent fliers right now by eliminating the MileagePlus program or radically altering it."

I disagree. United is in BR right now and does not get to make all of its own decisions. Creditors might have a problem with United compensating FFers with tickets or other property that belongs to them first. The miles would only be honored in full if United or a buyer for United thought there was more value to honoring the loyalty program than tossing it, and this may be likely. I was just pointing out that they no longer have to honor the miles. The ability to not repay all your debts is why they filed for BR protection in the first place.