Here's a thought:

The absolute worst outcome is if UAL gets broken up somehow, and another airline would like to acquire their FF accounts, but not at the full value (of X trillion miles).

The acquiring airline takes the FF accts, but then offers a 5-to-1 or a 10-to-1 conversion into their existing program. AwardGuard buyers lose both their money and almost all of their miles.

Even valued at a penny or less apiece, this liability is MASSIVE. For an airline like American or Northwest, obtaining "FFlyer loyalty" at the potential cost of billions of dollars is a sucker's bet. If the flying public decided to cash out at the pre-conversion rates, even at standard awards, the planes would be flying full of freeloaders.