Quoting from Engadget:
First they put it on ?on hold? last month, then they announced they were going to relaunch it as an open source project, now the genius guy behind CherryOS, that OS X emulator which apparently ?borrowed? some code from an earlier emulator by the name of PearPC, has decided to pull the plug on the entire ill-fated venture.
Arben Kryeziu says that it simply ?was not ready?, which we believe is a euphemism for ?I didn?t feel like getting sued by the people behind PearPC?.