You are correct!
From our dictionary:
ab•squat•u•late
(ab•skwoch'u•lAt"),
—-v.i., --lat•ed, -lat•ing. Slang.
to flee; abscond: The old prospector absquatulated with our picks and shovel.
(ab•skwoch'u•lAt"),
—-v.i., --lat•ed, -lat•ing. Slang.
to flee; abscond: The old prospector absquatulated with our picks and shovel.
