File usage after subscription expired or canceled

Hello!
I keep reading that if the subscription is expired or canceled, the files created using the suite are no longer available for use. How is that? I was under the impression that I can locally store all my files. If I transfer my files to someone with an active copy of Photoshop, they should still be able to be used correct?
I have at least three people I actively swap created files with and don't wish to lose files I create during the subscription period if I choose to go on another direction.
Thanks!

When your subscription expires or is cancelled, you lose access to the use of the Cloud apps (software).
But any files (created by those apps) you store locally will always be fine whether you're a Cloud member or not. No different to owning a perpetual license They're yours to keep and do with what you will - but you won't be able to open or edit them with Cloud apps.
Files stored in the Cloud are affected by the transition from 20GB storage (for members) to 2GB storage (free for non-members).
Once you cancel your membership, you've got 90 days to reduce your online Cloud storage from 20GB to 2GB before Adobe does it for you (and then there may be some file loss)..
http://www.adobe.com/products/creativecloud/faq.html
What happens to my files in the cloud if I cancel my membership?
If you cancel your paid membership you will still have access to the free level of membership, which provides 2GB of storage. You will have a 90-day grace period to delete files to get your cloud storage down to 2GB (or to purchase additional storage separately if you choose). If you leave more than 2GB of files in your cloud storage for more than 90 days, you may lose access to some or all of your files.

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    Date: Thu, 25 Oct 2012 05:59:51 -0600
    From: [email protected]
    To: [email protected]
    Subject: Cannot use PhotoShop CS6 after trial expired, even after purchasing Creative Cloud Student Edition
    Re: Cannot use PhotoShop CS6 after trial expired, even after purchasing Creative Cloud Student Edition created by Nikhil Bisne in Trial Download & Install FAQ - View the full discussion
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    Please note that the Adobe Forums do not accept email attachments. If you want to embed a screen image in your message please visit the thread in the forum to embed the image at http://forums.adobe.com/message/4799512#4799512
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