Sorry kids! She's ours - and we want her back!
Take a look at this
article. Especially item #2.
It's also worth noting here that if you had a TechNet subscription before July 2012, the terms of your agreement provided perpetual use rights. If you previously set up an evaluation server or a test PC or a virtual machine using TechNet software, the license rights for that installation are perpetual and do not expire when the agreement ends or the service is discontinued.
It is, of course, possible that Microsoft will at some point in the future deactivate some product keys acquired through TechNet. That right is explicitly stated in the TechNet Subscription Agreement:
Key activity is monitored. Microsoft reserves the right to suspend or terminate your subscription, without any notice or obligation to you, if Microsoft detects suspicious activity related to keys or activations. ... Microsoft may deactivate or otherwise limit your keys when your subscription ends. Deactivated keys will not be able to activate software.
If you had the foresight to download as many product keys as you were allowed back when your subscription was new, youâ€™ll still find those keys in your account; the extras arenâ€™t taken away. Some products, notably Windows consumer versions, are no longer included in TechNet subscriptions. But keys you claimed before those products were removed are still valid and available in your subscription portal.
AFAIK once TechNet is gone your only remaining subscription options are through MSDN or MAPS - if you can qualify for them. (It doesn't take much to do so however.)