No, I dont think so.
First people who need to get refunded is campaign participants because they received payments from manager in IOU notes against their will.
I am sure most of them would choose to get paid directly in Bitcoin and later deposit to earn more rewards if they want.
People who sent their own money for mixing did it on their own risk, but everyone needs to get refunded if possible.
When you take part in some campaign you agree with its rules or not participate. So it's incorrect saying that way of receiving payments was against the will of participants. If it was just made only now, then it could be discussible, but it was for weeks, everyone who didn't want to risk could exit campaign for that time.
I hope there's less losses than deposited at escrow and everyone will get refunds, but first I guess we should find out how many are at a loss for a decision to be as fair as possible.