> A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy...

I wish they have clarified this in the email and the website in plain English. I'm no lawyer, but this sounds like they won't refund.

Kickstarter style

From the website:

> What This Means For Backers: > It’s been a long road with a lot of obstacles. The support of our amazing backers has been incredible, which makes this announcement even harder. We were so incredibly ready for production in order to hit our deadlines but without capital it is impossible for us to move forward and we will not be able to fulfill any pre-orders.

soooo... no.

They really went out of their way there, to add insult to injury.

As I backer I got the exact same text in an email as on the website, but my reading says no refunds.

I doubt they are going to issue refunds since they are going to file for Chapter 7 bankruptcy.

Sounds like if they had the money for a refund they wouldn't be shutting down.

If you paid via a credit card you could try doing a chargeback with the bank that issued your card. If plastic is unable to refund you, their payment processor will likely be on the hook instead.

That's what I did the moment the "lol sorry preorderers are screwed" email came in. As far as I'm concerned, this was fraud, and I'm hoping I get my preorder (not "investment", not "bootstrap", not "kickstarter") money back.

By the message they leave in the email and on the site, it does not look that way. I doubt it. I am a backer as well.