From a software developers point of view, you never want people to charge back especially whilst the product you have given to them is still working.
However, in this case (I'm not too familiar with it) it might be reasonable as he might have had things which he stated.
Furthermore, lets face it. You never really get what you buy.
You have a 48 month subscription to a magazine, after 12 months it goes out of business. You will never get the remaining 36 months of magazines or the money back simply because in business the first job is to pay back the people owed the most.
You're probably owed say $100, whereas other stakeholders have put thousands and thousands of dollars into the business, by the time they're paid back there wont be enough money to pay you back.
Just trying to put it into perspective, if anyone thought I was having a go, sorry I'm not.