No it's utterly true!
Captaim Atom (arguably one of the most powerful heroes in the DC Universe) was supposed to become Monarch, the ruler of Earth in the year 2001 (after killing all heroes). A scientist from 2001 travelled back to 1991 to prevent this event, after becoming the entity called Waveryder (his original name was Matthew Ryder... clever, eh?). Waveryder could touch a hero and see that hero 10 years into the future, so we get to see future versions of Superman, Batman and others (mostly lame... even a Superman as President of the US!).
When Waveryder touches Captain Atom, he sees a future Captain, now old (even though it's just 10 years into the future!) seeing his son, daughter and grandchildren killed by a gang and their bodies discarded into the city dump. This sparks a rage inside Captain Atom, and he incinerates the gang. The logical step would be to take reins of the decadent society and turn it into a martial dictatorship. But, since fans had already guessed correctly that Captain Atom would become the Monarch (who wore a heavy containment armor and could fly and throw energy beams, like Atom), Jurgens chickens out and has Captain Atom "winding down" and mourning his lost children.
In the next issue, we see Hank Hall and Dawn Granger (Hawk & Dove) finally getting together (they've been on-and-off during their partnership). But they're attacked by Monarch (who's come after Waveryder). He kills Dove and removes his mask, which reveals he's Hank Hall (!!!). Hank goes on to say (very uncharacteritically) that society is wrong, and someone should step in and take reins and make everything right, so he BUILDS the armor of Monarch and goes on to face the heroes. But with the help of Waveryder (and specially Captain Atom), Monarch is defeated and the future is saved. Monarch goes on to become Extant, in yeat another Dan Jurgens debacle titled "Zero Hour" (which revealed Guy Gardner was half-alien! Ugh!)
The problem with Hank Hall becoming Monarch is that:
1) Hank Hall was never a science genius to build an armor like Monarch's;
2) Monarch never once displayed the enhanced agility, strength and stamina of Hawk;
3) Hawk got his powers from the Lords of Chaos, while Dove got hers from the Lords of Order. The "must rule to save society" isn't very Chaos-like is it?
For those morbidly curious, got hunt for the debacle that is "Armageddon 2001", one of the worst DC crossovers ever...