At last.  All is explained.

• Passwords are gone, so they are no use.
• 80% of BTC funds are (I assume, please confirm) still under Bitcoinica's control.
• 100% of USD funds are (I assume, please confirm) still under Bitcoinica's control.
• The problem is you just have a big pool of money and no way of knowing who owns what.
• That entirely explains the crappy claims page.
• That entirely explains the delay in processing claims.
• For we customers: this isn't perfect news, obviously, but it does at least give us some hope that we haven't lost everything.
• If the investor really is doing the decent thing and funding the 20% BTC losses out of their own pocket, then we should all appreciate that and let that be an end to all the legal shouting.
• Certainly no amount of shouting is going to recreate a database that doesn't exist.

In light of some of the above comments, can I reiterate my suggestion to the Bitcoin Consultancy and Zhou Tong?  Stop airing your dirty laundry in public.  Shut up about it right now.  Regardless of whether you feel there's "just one more thing that needs addressing"... button it.  The fastest way to restore your reputations from here (and there is plenty of restoration needed) is to sort the customers out as quickly as possible.  After that is done (and only after), will it be prudent to start your war-of-logs.

I'd also second Vladimir's comment: you really shouldn't be communicating with you business partner using an Internet forum (I would guess you wanted us to be able to appreciate the difficult position you are in: tough luck, keep it to yourselves and take the insults on the chin).  It doesn't inspire confidence that you don't have (a) each other's phone numbers (b) each other's email addresses (c) a good enough relationship that you can talk with each other privately.  Even if (a), (b) or (c) are not true; a professional shouldn't let the customers see how the sausages are made.  Companies are aptly named: you are all one, and letting us see your internal fistfights is extremely damaging.