Okay, based on my calculation SB did peg the refund at an exchange rate of $123.50. If I multiply $123.50 by my proposed BTC refund amount I get a nice even dollar+cents amount.

I then subtract out shipping and hosting fees (100% refunded) AND I subtract out the $10/board extra I paid for fully assembled units [vs DIY kit] (100% refunded). You then divide the remaining balance by the number of boards and get $15 which is 25% of the $60 assembly cost.

It wasn't calculated exactly how I guessed it might be originally, but I was able to make the calculation make sense and match his last post outlining the refund details.

What this leaves still on the table, as mentioned by SB in the email, are the components ($35 PCB and $28.50 DIY kit/fan). Perhaps SB will be able to use those and we will get a bit more back at some (likely very distant) future date. I'm not counting on getting anything really, but it would be nice.

Regardless, if the proposed refund does actually occur, then I think the refund is equitable given the shitty circumstances. SB pegging the exchange rate at $123.50 is generous IMO and goes a long way to making up for the refund process dragging on for months. I don't see how this refund is occurring without SB dipping into his own wallet.