Say we have mixed three sources, let's call them L (panned hard left), C (center) and R (hard right). Then the left channel has +L+C, and the right channel has +R+C.
Now we phase invert one of them, say the right channel, and combine them. The new mono file is +L+C-R-C. +C-C cancels out and we're left with +L-R.
Since +R and -R essentially sounds the same, it sounds like if we had originally done a mono mix of L and R (+L+R).
But we can't combine this with a straight mono conversion (+L+C+R+C) in any way that will remove both L and R. All we can do is reproduce +L+C or +R+C.