While I don't disagree that there is a good chance that the miles will be honored, there are several misconceptions on this thread.

the MP division makes money because they sell miles to credit card companies, loan companies, long distance companies etc. to award as premiums. Airlines book the cost of hte miles at the incremental cost to allow you to fly--basically food and gas--and then reduce it by a percentage based on teh likelihood that you'll never redeem an award because you dont' have enough points, etc. So if the sell miles for a penny or two each and record a cost of a tenth or less of that, of course they will show a profit. But they can't keep this division open if the planes aren't flying, so analyzing it by divisions is misleading.

Also, its incorrect to say nothing will be done. The miles represent a liability that must be addressed in teh bankruptcy plan. The law requires all unsecured creditors to get at least as much as they would get if the company liquidated (went out of business), but they can pay you well less than $100. Other types of creditors like secured creditors and people who provide value after the date the BR filing was made have greater protections. But 2 things are inescapable--1., that they don't have to pay you any more than probably pennies on the dollar, and 2. they have to decide what to do with the claims to free tickets that we have. They can be more generous to certain classes of creditors, and often are. Often times, everyone below a certain threshhold might be paid 100% to make things more convenient.