I got this message from Ned Abel Smith of Virgin Galactic this morning.
Hope all is well. Only 2 of us made it into the office this morning due to the Suicide attacks on London, but have heard that everyone is accounted for. Very scary.
He also answered my question about where deposit money goes:
All moneys are not kept in escrow and therefore any deposit received is backed by Virgin Holdings Ltd.
This project is so exciting because its so real and anyone that has the opportunity to become a Founder or Pioneer with us is incredibly fortunate. I have attached your Terms and Conditions to be printed and signed.
Here are the terms and conditions Ned mentioned: