References would be nice - not just something you think you read.
As I said in a previous post no one of us will probably ever know what the real story is. And I have NO references - only rumor and my reading the balance sheet and listening to the analysts calls. I guess that is why this is called a "rumor" board.
In any case the 600Mil in cash that Schyuler said Atlas had, is now thought to be due to an overinflated balance sheet which didn't exactly follow GAAP. This would seem like the logical (criminal?) thing to do to attract financing and to convince the Street that buying Polar was a good thing. It seems like the reporting and the balance sheet is what the SEC was investigating. However, without proof - such as 8130 tags for the parts off of the two Japan birds (that they valued as new but were actually not), there was no way for the auditors to tell if the balance sheet was correct.
I doubt they actually stole the money and I doubt you will find any article or reference that says they did. The "lost" records were most probably never there in the first place.
But lead on McDuff - we would love to see your references. Otherwise you run the risk of....
Quite an oversimplification, and with little basis...