When Limewire goes out of business, are we going to lose all of the files we have

[Stephanie S]

downloaded from it? I am just wondering if when Limewire shuts down on December 31st if everything we have will be gone completely? To further clarify, are the files I have downloaded considered to be saved on my computer or will all of it just disappear once Limewire shuts down? Should I burn the music I want to keep or will all of my music still be on my computer even after Limewire is gone?