Ok, lets do some simple math. I have no idea how many refundable reservations there are that have not asked for their money back. But I'll pick a nice round number and say 100. At $1000.00 each, that would be $100,000.00 in the bank drawing interest. If it is only making 1% interest, that would be $1,000.00 a year. It's probable that there are more than 100 people and the interest rate is higher than 1%. It doesn't seem too far a stretch that they could be making more than $5000 a year for sitting on other peoples money. They will not file for bankruptcy until they are legally forced to. Why give up free money?
That said, come end of September they will not be able to have any stock traded unless they comply with the SEC rules and provide full disclosure. Perhaps then they will be forced to close down and file bankruptcy.