You've hit the nail on the head right there. But that's just the thing, depending on which SC backer you ask, you get the opinion that CIG still has all that money, or a large portion of it, or half of it, or perhaps spent the majority of it - and each of those scenarios is perfectly ok for them. It's going to remain ok until the NMS release happens and things can't be denied anymore. But then it'll be too late.
Why don't they just honor their original TOS? Also, if original backers are still bound by it, doesn't that mean that CIG is too, and that they would HAVE to release the finances as promised?
That's why they are giving refunds now when asked, due to the State/Fed inquiries that are now on-going. I wrote a section about that in my write-up
Problem is, unless and until State or Fed agencies, banks, or investors takes action, the only way for backers to get these financials, is to file a lawsuit and obtain them either through discovery, or as a resolution to the suit. Right now any backer on the old ToS – with or without an attorney – can sue them for those financials seeing as they have missed the 18 month cure period to deliver as promised. But they are bound by arbitration (see Section XXII) which heavily favors (1, 2, 3, 4) corporations. But guess what? Even so, CIG will just refund them; and probably (depending on the arbitrating judge) never have to provide those financials. That would be the end of the matter. So they might as well give refunds; which is cheaper and has less PR nightmares for them.