As noted IN THIS BLOG weeks ago, the feeble attempt by Allied Brands Ltd. (ABQ) to mislead investors and the market was so poorly edited, the unwitting typo about "Key management not being needed" has proven prophetic. The Sydney Morning Herald today (headline shown above) references this poorly fact-checked Powerpoint, and notes the irony in their story mocking Allied Brands directors. For franchisees of the various failed brands this was just one more in a long line of management incompetence.
The SMH has also exposed ABQ operations and management as the sad, sick joke they have become and notes the absurdity of still claiming they're making a profit while at the same time not accounting for the jettisoned operations.
AND, in a second mention another SMH story notes the "word games" played by Allied Brands in their announcement Friday that CEO Radbone had "stood down", a bullshit announcement that was changed yesterday to "terminated".
This second story also notes the "stark contrast" between today and what Radbone was telling the market "only three months ago". LIES LIES AND MORE LIES, that's the history of Allied Brands! WE TOLD YOU SO HERE FIRST!
The SMH also notes the shadowy lack of interest shown by Managing Director Peter Graham. We all know what's really going on. . . .we explained it to you last Monday!
Other references to the lies told by Allied Brands in the Wall Street Journal/Australian - "No doubt Allied has an awesome plan to pull itself from its awesome funk, but we're more comfortable avoiding the stock until we see the proof."
As all these stories hit the media today, you can hear the gales of laughter from Retail Food Group, Wendy's, and all the other competitors who regularly monitor the collapsing Allied Brands here.
And finally, among other criticisms the Australian ponders what we asked earlier- when are the Radbone's going to pay back the "sweetheart" loan for ABQ shares?
One has to wonder how the straight-arrow Boston management of Baskin Robbins is enjoying being dragged thru the mud with this corrupt company entrusted with the good name of their brand. From the sale of visas with dud shops, to the continual inability to provide a solid financial footing for their franchisees, growth for Dunkin' Brands has been continually squandered by their association with Allied Brands. Dunkin' Brands has been planning an IPO of the company, delayed only by the global financial crisis. A major embarrassment in their Australian operations does little to assist them. Time for them to invoke terms of THEIR contract and get the brand in competent hands.
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