Always sad to hear the demise of an airline, even when they didn't even commence services.
By all accounts they got very near to start-up (didn't they even acquire aircraft and took on cabin crew?). Continually pushing back the start date was always a sign that things weren't going to plan. A number of people here likened the situation to that of proposed Irsh carrier, FreshAer. Looks both companies ended their days in a similar fashion.
Like a fine wine, one gets better with age.