so once again, No Polar = No Bankruptcy and No SEC investigation.
Quite an oversimplification, and with little basis...
AAWH did not go bankrupt because they had no money. They went bankrupt because the top officers stole/hid/laundered so much of it that the company's outside auditors could not certify over 2 years' worth of the books! The only option available, if the company ever wanted to be relisted on any stock exchange, was to declare bankruptcy and get their "fresh start accounting" status.
I suppose it's possible that the planned Polar acquisition was PART of the cause, but far from the root or only cause. That was the corruption inherent in the Lorenzo-era company officers.