There's plenty to do after a company tanks. 30-40% will probably get out of the business (real estate, office jobs, sales, etc). Of that 30-40%, 10-20% will be flying again or looking to get back in within 2 years.

Some will go to fractionals. (We had a good number go to NetJets). Some will find homes at other airlines (Continental, JetBlue, Compass, AirTran and Chautauqua seem to be where a large number ended up.) Others (like myself) will find corporate or charter.

The important thing is to ALWAYS have a backup plan. At the very least, always be thinking about the future and potential opportunities and pit falls. Of course networking isn't going to do you any harm either!