Is there any evidence that honoring the points would engender any loyalty to Tesna?
What would most likely happen is that a large number of GR members would flood the phones and book tickets on partner airlines (if they are able). Once they have got their tickets whether they'd ever fly with AN again is anybody's guess but in the meantime AN2 would be broke and Star carriers would choose to dishonor 090 tickets.
The business case for honoring the points with no future loyalty strings is hopeless and Fox/Lew are too shrewd to go for it.
As for QF honoring 100% of AN1 GR points....dream on. As a QF shareholder I'd be selling out fast. As a previous GR member I'd be rapped but whether I'd be completely loyal to QF going forward, I don't know!