While huge volumes continue to indicate that "insiders" are running to rescue any possible cash from Allied Brands and their collapsed share price, it is confirmed today that the costly US finance deal, touted as a major coup by deposed CEO Shane Radbone and Chairman Lachlan McIntosh, entered into only on January 15, 2010 has collapsed in spectacular fashion.As predicted by this blog.
Investors have to be wondering what kind of dodgy "due diligence" was done by Springtree on this obviously corrupt company. This deal was said to be the energiser for increased expansion of Allied Brands, but as Springtree management soon learned their cash was squandered at keeping the leaking boat afloat. Springtree has run for their lives after only a few short months. Interim dodgy CEO Sean Corbin has been quoted as saying ABQ cancelled the agreement "to preserve shareholder value".
What a pile of shit! Under this current leadership ABQ has MORE THAN DOUBLED the number of shares issued to over 200 Million. What's been done with all the cash - besides insider bonuses, cars, and other management perks? And when is sacked CEO Shane Radbone going to pay back his "sweetheart loan" he made to himself from shareholder funds?? How can any of the directors justify this illicit use of company cash while knowing full well the company was burning cash and making no money? WHERE IS ALL THE UNACCOUNTED-FOR CASH??
In typical Allied Brands style, they have titled the document "Finance Facility Closure" in order to mislead the market, when it should be titled "Finance Facility Cancellation". This company can't tell the straight truth about anything!
With banks shunning the company, cash dried up, the company ignoring unpaid bills, and buzzards circling the Gold Coast Highway, the inevitable is at hand. One can only hope criminal charges will be laid on the directors of this company that has abused, mistreated, gutted, and bankrupted so many others.
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