The fund currently CC has is still in the same address where it was sent. That means both the previous escrow have access to the fund. Unless there's a new escrow is fixed, the fund will remain there.
This is a 2-of-3 signature security thing you've got going here, right? It would be very concerning if the two escrows who either left or don't have time to be escrows still have that much control over the project's funds, wouldn't you say? And I'm not sure what you're saying: what happens if new escrows aren't found? Are those two team members going to be the escrows after all or is control over the funds going to be distributed in some other fashion?
What's going to happen to the 0.005
BTC if that's all that's raised? Is the team going to try to get the project started, will refunds be issued, or what?
I would agree. Even if the amounts being held at the moment are miniscule it is irrelevant because it is inconceivable under any circumstances that people not associated with a project can still have access to any funds. What could be causing delays to them making an announcement?
Though not impossible for any project with a determined team to proceed and maybe succeed even with a few stumbles along the way, it does not look that bright for them right now.