The project is not dead or dropped.
You know guys, there is no real difference between "project is dropped/stalled/dead" and "project is not dropped, but we're not making any progress". Active project have some progress weekly if not daily. Sure, there can be times when the project can be put on hold, but the current EX/ME project is way past that point.
So what stops you from finishing it? Someone from the team has no time to do whatever he is supposed to do? Then replace him with someone else. Or just drop the project so that some entirely different team may have more motivation to pick it up.
You may argue that the more people work on the project - the less its quality. Possibly true. But still, better to have something with the quality less than we hoped, than having nothing.
Just ask yourself a question, do you really have a motivation to continue this project? Will you have it tomorrow? Next week? Next month? From what I see - most likely not. Then just make an official statement that you're dropping it and asking someone to pick it up.
It is true that you're not obligated to do anything, but by not working on the project and at the same time not dropping it you also don't allow other people to pick it up. Because translating VNs is a hard work and no one wants to do the same shit twice (unless you're a G.H.Shaft).