In the event of bankruptcy or liquidation then shareholders are just an unsecured creditor, and last in line. Delta would have no more rights than Branson.
Usually FF points are in a separate company and airlines “buy” the points to give to the customer then “sell” the points back when a customer redeems. That is why you can use Flying Club points with other partners and vice versa, and you can convert Amex Rewards to Flying Club points.
[quote quote=999784]shareholders are just an unsecured creditor,[/quote]
I agree with everything you say, FaroFlyer, except the above part. Shareholders are NOT creditors, they are owners, and (assuming we are talking about ordinary shares rather than preference shares) have no right to any payment unless a dividend is declared (which can usually happen only if the payment is made from “distributable profits”) or the company is wound up. In the latter event, all creditors must be paid out before the shareholders receive, as owners of the business, their share of whatever is left.
