According to the Chicago Tribune (or also see the article here), United Air Lines (the parent company of MyPoints.com) has announced its intention to sell MyPoints as part of their plan to emerge from bankruptcy protection — now slated for mid-January. They’re expected to file their reorganization plan in a Chicago bankruptcy court on Wednesday and I’ll get you the full details then.
They’ve been under bankruptcy protection for almost three years now.
They bought MyPoints in June 2001 for $112.5M in cash. I would imagine that with the increased membership since then, the company would be valued much higher now.
How will this affect us as members? Who knows? I’ve said before, and I will reiterate, that it is not a good idea to maintain a high point balance with ANY rewards program, and if you’re as protective of your earnings as I am, you’ll probably want to cash out at a fairly low level until we find out what the future holds for MyPoints. Update, 9/21/05: I did some research and I do have some suggestions for you here.
Older related entries: Bad News for MyPoints, Best Redemptions at MyPoints, Changes to MyPoints Coming Soon?
