Don't they realize that every refund that they deny not only alienates their customer base, but denies them the opportunity to sell that item to someone else joining the end of the queue? possibly for more money than the original purchase? Do they really believe that their equipment will become obsolete before they can sell it all out?
Normally when they deny refunds they are quite aware that there are no other buyer that would pay the same price since it wouldnt work out for that price anymore.