Well we're all assuming things. What we know for sure is that communication was/is horrible. Business fail and maybe so did theirs.
As long as I get my money back, may it be the equivalent worth in form of silver coins. I'm fine with it. IMO coinographic should be giving the preorderes a very fair price for thes 'refund' coins.
There is one thing for sure and that is they did lie about when they were going to payout bounties for their design contest, then they came out with the "cash flow" issue two weeks later.
I hope they give their customers a fair and decent deal on the conversion to LTC silver coins if they are indeed out of LTC/BTC to payout with.