Jim
Ringleader
I think they are probably not sufficiently insured and stand to lose a lot of money. Clearly they are skewing what the real expert advice is.
I think the approach is wrong. It would leave me asking for my money back. It's best to be honest. If they don't have the money because they have spent it then they should say so.
We can't pay everyone back just yet, However, If you really need your ticket money back, please contact us and we will do our best. However, we really hope that you'll want to see this great event survive and you can help, by accepting our offer of free entry at our next event, with some lovely bonuses for your support. etc etc
Stay safe through this crisis and we'll see you at the next retrofest Blah Blah....
I've written that in one breath, but with an hour honing this message before sending, I bet they would have very few refund requests.