For a company to survive in that marketplace, it needed a clear strategy and vision. That sounds like management consultancy spin, but I believe it's true. Commodore had no idea what they wanted to be at the very highest level.
The market and environment changed radically throughout their live and commodore did manage to change somewhat, and focus on the right things (eg getting rid of filing cabinet line of business etc) but they didn't have the clear vision for what they'd be.
Commodore had a superb product in 1986 that was groundbreaking, and so far ahead of the competition it wasn't funny. They had dream quotes from software producers, from artists, etc, that you just couldn't buy.
For a variety of reasons they didn't keep the technical lead - possibly because of the Medhi factor, and possibly because they didn't know what they were aiming for. It wasn't that they didn't have the right people to point them in the right direction, however I daresay Haynie et al could really have done with a bigger team of people working with them...
So no, they'd not still be around if they have $$millions... Although the only way they'd have had $$millions would be by having a clear vision/strategy and executing it, so maybe they would be