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So what exactly happened here? There was an ICO for a big new smart-contract blockchain with some cool features, and the blockchain never materialized?

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It was a project that was and continues to be promising from a development and utility standpoint, but that has been marred by terrible governance, internal politics, and amateurish management

And worst of all, their product is about improving governance. Not a promising start.

In fairness, the foundation arm of the token's development appears to be operating in a reasonable and pragmatic way along their planned roadmap. It is a related company, helmed by the previous "frontpeople" for the project that has run into significant bumps and legal jeopardy.

Whether or not that means that the project will ultimately release, I have no idea (nor vested interest in).

>the foundation arm of the token's development appears to be operating in a reasonable and pragmatic way along their planned roadmap

Oh, yes? What have they done?

Read: it's a shit show across the board

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