The situation is not hopeless, the team hasn't been laid off and you've been warned about what's going on. What the company needs is at least one champion among the board members. This means you need to start pitching now. Talk to the project's sponsors, make sure they're actively reaching out to their bosses and people in positions of influence. You should be working with a PM/exec to come up with a narrative and refine it into a pitch. You need to work with them to lay out options and benefits/risks and decide which of these you're going to emphasize in your pitch to the board. Executed successfully, you should have gotten sponsors and allies within the parent company to get word to the board member that there is a reason to support the project.