The legal answer may be that UA doesn't have to honor MP miles but I doubt that will happen, since the miles are a pipeline to people with a lot of money to spend on travel and other purchases. So I'd be suprised if we got letters saying "Your miles have been cut by 80%".

Rather, I think we'll see the miles worth much less. This is likely to start with cutbacks in flights, which means fewer places one can get to and fewer award seats.

After that, I expect further diminution in value through overt means, like increasing miles needed for awards (this began a few months ago-some awards now require 50% mor miles), as well as covert means such as fewer seats available for awards.

BTW, I don't consider this thread insensitive. We all paid for these mileage accounts with our business and the miles are a meaningfull asset.