Erner Galen was a very nice little ski area, it has an excellent snow record and a short walk from the top station gave access to some excellent powder skiing.
The plans seemed to be very ambitious for a place of that size. There is very little potential for expansion and the terrain is either almost flat or steep to very steep. It's difficult to see how they were going to link it to the other nearby resorts as they are all on the other side of the valley, the only option I can think of is by bus. The journey time to one of the resorts listed (Belalp) is about 45 mins. plus the time needed to get up to the slopes in the cable car.
It was going to be marketed as a beginners resort, but even when the exchange rate was much better it would probably still have been much more expensive than the beginner oriented resorts in Austria.
There were other problems as well as the weakness of the pound, two villagers refused to sell the land on which he hoped to build the hotel and projected cost of the hotel was much higher than he expected.