Quoted from Mr68:
Is that why they brought Roger Sharpe in? To supervise a liquidation?
When I mentioned liquidity I was referring to their cash flow status, not suggesting they're on the verge of liquidating. Liquidating is what happens if you don't fix your cash flow.
My reasoning is this: boutique mfgers are funded by pre-orders and it's pretty much a good-faith sort of agreement. I.e. you don't want to upset customers or allow a sense of doubt that their money isn't safe, or they'll pull it.
So the question then becomes, why would they not issue refunds as quickly as possible? Some fence-sitters might see others getting their refunds, decide that yes, their money is safe, and leave it in. But if a fence-sitter sees others not getting their refunds, he goes into a panic. That panic spreads, now everyone wants out. So why risk a loss of faith?
Answer: because they may have no choice. If it comes down to "keeping the lights on" or issuing a refund, you stall the customer as long as you can.
As jazzmaster said, it's conjecture. No one knows for sure.