ahhh - another Polar person who insists on revisionist history. Here is the news release:
"4/3/2007
...The SEC investigation focused on matters arising during the period from 1999 to 2002, when AAWW was under different management and prior to the Company’s successful emergence from Chapter 11 bankruptcy in late July 2004. Since emerging from Chapter 11, AAWW has a new management team and a new board of directors. None of the present board of directors or members of senior management was a focus of the investigation.
Pursuant to the settlement, without admitting or denying the findings therein, AAWW agreed to an administrative order to cease and desist from committing or causing any violations and any future violations of federal securities laws and regulations relating to the filing of annual, quarterly and periodic reports with the SEC, maintaining appropriate books, records and accounts, and maintaining an internal system of accounting controls. The order does not impose any civil penalties or fines and does not include allegations of fraud..."
There was no fine, but your response is typical of the half truths and innuendo that Bobbrobin feed you for this forum.
As far as the SEC investigation, there may or may not have been any wrong doing by the same group of gomers that paid good money to buy a failing airline with a bad business model. They proved to the stakeholders what financial geniuses they are just by that huge mis-step.
The simple fact is that Atlas Air Inc. was accused of mis-reporting, or reporting improperly, something (or things) on their balance sheet. None of us knows what that was despite the rumors of parts valuation and JFK Polar mechanics kick-backs. It just as easily could be valuing Polar route authorities higher than they should be, valuing Polar "blue sky" or "good will" higher than it actually was, or maybe even someone who attended Bobb's school of business and thought that REVENUE was better than PROFITS.
The holding company was formed in Feb of 2001 and Atlas purchased Polar in Nov of 2001. That tragic event falls right in the middle of the period that the SEC had issues with. Why were they trying to make the company look better on paper? Oh yeah - to shore up the failed, non-integrated, scheduled service business model that they had just bought. PT Barnum said there is a sucker in every crowd. GE Capital saw AAWWH coming a mile away.
So once again, if there were No Polar, there would probably be NO ISSUES with the SEC and there certainly would be no need for BK or DIP financing..
But you go right ahead and believe Bobbrobin.
