bkg
Explorer
Facts are flimsy at this point, but it does sound like "seeking investors" was a cover story. Perhaps they were trying to get their bank to extend a loan or increase a credit limit, something where cash on hand or flow would make a huge difference while the various refunds would have been draining their account balance.
One of the mods on TW has stated he knew 100% they were seeking investors, so I'll assume that story has merit.
My suspicion is that they got overextended and a note was called that they couldn't pay. That's as far as I can speculate, though...