It makes one wonder how they came to get into this situation. If we assume that taking the pre-order money over a year ago was not a con trick, and I am inclined to believe that it was not a deliberate con, how can a project get so hopelessly derailed at the last minute.
One think that springs to mind is a key programmer suddenly leaving the company and leaving a raft of poorly documented code. Another is employees deliberately lying to management to cover up problems. Whatever happend neither the customers no the companies owners can be very happy.