So what are the actual terms of Kickstarter? I always assumed it was something more like venture capital than a loan, and if a project wasn't completed... that's that, the funders get nothing.
Which, if you think about it, makes sense -- fixed rewards (the loan/sale model) come with obligations to provide the reward, equity stakes carry more risk.
It wouldn't make much sense for Kickstarter to use a worst-of-both-worlds equity-like downside risk with loan-like upside reward.