Just don't see this happening.
I get where you're coming from and why CIG might prefer to cancel it, but I think the impact of pulling Sq42 would be too huge for them to even consider it.
Either Sq42 arrives or it doesn't.
If it doesn't.. well it's not going to be pretty. Backers revolting, refunds being demanded and so on, if this happens as you suggest (and I don't think it will) then it will be a signal that things are in pretty dire straights, and a strong enough one for some folk to pull their money out.
If it does arrive it's either gonna be good, bad or mediocre. If any of the latter two again there's gonna be backlash as the cold hard reality of it all sinks in and a portion of the backers are brought back down to earth.
Regardless I think Sq42 is going to be telling either way, I mean it will be the first indicator of whether CIG can actually deliver a product or not, and if so of what quality.
I don't think anyone actually thinks it'll come in 2016 btw. (Except maybe CIG :|)
Are your 'sources' saying it's delayed?
I don't think they will cancel it; and I didn't say that they would. Neither Star Citizen, nor SQ42 are going to be "released" in 2016. That's a foregone conclusion.
The point I am making is that the whole thing will collapse before either one of these ever sees a full commercial "release". And croberts knows this; hence the whole Minimum Viable Product pitch he has already started preparing backers for.