Insiders at Allied Brands Ltd. (ABQ) are reporting late payroll and angry vendors with delayed payments becoming the order of the day. New CEO Sean Corbin has been told by the board to "figure out how to hold it together" until the board can figure out where $3M in needed cash will come from. Corbin is said to be under ASX investigation for his continued misleading statements - telling the market former CEO Shane Radbone had been "stood down" and then, when challenged with the facts, admitting that he had been sacked. Likely the same situation with former MD Peter Graham. Meanwhile "the mates" continue to dump their shares driving the price now below 3 cents.
Also under investigation by ASIC are the misleading statements from the Baskin Robbins management team, including the large number of loss-making company shops still being marketed although shown to be failures. Likewise there are indications that some actions are finally going to be taken in defence of the Koreans who were sold dud shops and visas at New Farm Brisbane as well as the train station in Sydney. Perhaps criminal indictments?
The only brand with no shops needing closure are said to be freestanding Cookie Man shops. GM Elligett has however refused to get involved in more capital raising, seeing it as futile. Attempts to resell Kenny's Cardiology and Awesome Water back to their original sellers has seen these offers rejected. Both are said to be waiting for the inevitable collapse.
No comments:
Post a Comment