It's possible that he's mining the BTC to pay the refunds and plans on giving us all of his profits.
that's the only thing I can think of right now. I don't care how complicated it is to refund a bunch of people, it shouldn't take over a month.
The act of refunding isn't the complication... it's the recovery of costs that takes time. If he's giving us a fixed conversion, and we're bullish on bitcoins... shouldn't we be supporting his effort rather than getting our panties in an epic wad? I want my money back, bitcoins or not, but if I have to wait another 6 months to get my investment back at a conversion rate of ~120, then i'm all for it.