OK, here's how I see things:
1. We can refund 95% of the chip cost.
2. Steamboat has already purchased materials and entered into agreements to produce boards, leased and begun work on a hosting center, paid for a large number of custom heat-sinks, and probably purchased lots of other equipment.
3. Many other people are in the same situation, including BKKCoins, who has personally invested a great deal of time and money into producing the K16 and K1 boards.

The chip cost can be refunded, because that comes from Yifu. The other costs are not reversible.

Our options at this point are:
1. roll up the whole thing and individually take a loss
2. enter into costly and ultimately fruitless litigation
3. retarget the K16 board for another mining chip

I'm not in favour of giving up. I've personally invested in 128 K16 boards, paid from previous mining income. I'm sure lots of others would prefer to (at the very least) break even on this venture.

Litigation is only worthwhile when you're up against an entity with lots of money. Otherwise, only the lawyers benefit. Besides, the terms of the purchase agreement were crystal clear: this was a risky venture with many unknowns. This is not Steamboat's fault. This probably isn't even Yifu's fault. We don't know what happened.

That leaves retargeting for another chip. Most of the BOM probably won't change, and the most expensive parts (the PIC, the regs) almost certainly won't change. If we collectively get refunded for all batches, we'll be in a good position to negotiate for bulk purchase from a chip producer that is actually shipping product. At least one other group has retargeted to Bitfury's offering. I think we should take a more wait-and-see approach and not make the same mistake by targeting a chip that isn't shipping. We're not going to make an easy buck at this point, so we might as well be rational about how we're going to proceed.