Can a project run without a project manager? There are two ways of looking at it. One – the ship is so strong in technical aspects that it does not require a captain; and another – the boat is in so bad shape that whether it has a rower or not – does not matter.
Well there is no project in real life that can not be revived back from its doomed shape. If there is a way out for coming out of a bad situation, it need to be thought of and worked out instead of leaving all hopes and lay down all your weapons.