I don't understand why there is even talk of a refund of Cog.F shares.

If Cognitive holds a motion to request a refund on avalon chips then the funds would be used to purchase other mining equipment.  The shares would be dispersed when that mining equipment is hashing.  That is the only reasonable interpretation of the contract.
"COG.F is an asset representing contracts for delivery of COGNITIVE shares that will be issued upon arrival of mining hardware purchased with COG.F funds"  

Note there is no actual mention of avalon or any other hardware manufacturer.