If you think Ja Rule won't just let the business entity declare bankruptcy while he continues to tweet "NOT MY FAULT" because he used to have hits (the last time he charted was 2004), you are very naive.
It seems very unlikely that everyone who paid will get their money back. Ironically, it's probably the people that paid the most/have the most "influence" will be reimbursed the fastest (if at all), because the "organizers" were most assuredly obsessed with status. The people that paid the least/have the least will almost definitely be the most screwed. They were asking people to sign pieces of paper for refunds. Come on.
The co-founder of the event has a history of over-promising and under-delivering [1], Ja Rule hasn't had a hit in 13 years and is irrelevant, and the only people that probably got paid upfront were the models [2] that posted on Instagram but were then warned not to come to Miami [3].
[1]: http://www.businessinsider.com/magnises-complaints-from-memb...
[2]: https://news.vice.com/story/fyre-festivals-25-year-old-organ...
[3]: http://pagesix.com/2017/04/28/a-listers-told-to-avoid-disast...
