I don't understand this concern about Future Cruise Credits (FCC).

If your cruise was $20,000 and you had $1,000 of FCC and paid $19,000 of cash you get a substitute cruise; no more money changes hands. If your cruise was $20,000 and you had $5,000 in FCC and paid $15,000 of cash you get the same substitute cruise; no more money changes hands.

Of course, Shipboard Credits (SBC) are different. We used up our SBC on TUT thinking they weren't transferable. Now, with no more cash out of our pocket for substitute cruise, I doubt AMEX will give us another $300 credit. I think there needs to be some way to transfer the AMEX credit while letting us also receive the Regent/BK generated SBC that would be normal with replacement cruise.

I think Regent is handling this well. Kangaroo, given they are giving an additional $2K per person credit if you don't take pre or post, is just slightly higher than TUT. So, just taking a refund and $1,000 FCC per person does make sense for some (especially Cat H) and booking another cruise more to our liking.

Just my two yen.