Our agreement was in relation to an "all or nothing" scenario.
Either the developers release a working platform and get the coins, or they don't and investors get refunded. We have now moved in to the arbitration window of our agreement, and have imposed a 48 hour deadline to resolve the current problems. Had they released nothing before now, they would not have this window, the agreement would have been voided before now. The issues occurred after launch, and that is why they have an extension.
What if the people asking for refunds are less than the ones willing to wait for the devs to resolve issues past the 48 hours?
In that scenario, we would have to seek legal counsel (and are planning to do so tomorrow) to see if the agreement can be amended while active, to allow for a partial refund policy based on investor demand.