Potentially Velocity is still stand alone. You might be ok....

Potentially Velocity is still stand alone. You might be ok. There is precedent for this. When Air Berlin went under, their loyalty program still continued and the points were still able to be used elsewhere. BUT expect a massive de-valuation.

Loyalty points can be thought of as almost company issued currency. They control the exchange rate and it's not hard to print more at a whim. They control the redemption rates. They control where they can spent.

Up to you what you want to do with your Velocity Points. You're just another unsecured creditor.