ALLIED CONFIRMS FINANCIAL DEFAULTS, NOW WANTS MEDIATION IT WON'T PROVIDE ANYONE ELSE!!!

Allied Brands Ltd (ABQ) issued a statement after close of market today that has brought peals of laughter and derision from Baskin Robbins franchisees in Australia.

The STATEMENT confirms that money raised this week in desperation by the sale of more shares was raised to pay Dunkin Brands money that it agrees is in default to Dunkin by ABQ. We wonder if the ASIC and the ASX are reading this statement - it confirms that Allied Brands is financially IN DEFAULT, and failure to pay debts as they come due is TRADING WHILE INSOLVENT.

TRADING WHILE INSOLVENT! CONFIRMED BY ALLIED BRANDS!

The statement then goes on to claim that ABQ is going to lodge a complaint under the provisions of the Australian Franchise Code for mediation!

This despite Allied's history of stonewalling complaints filed under the code by Australian franchisees. Baskin Robbins Australia has a long history of failing to respond to mediation notices and failing to even appear at scheduled mediations.

Since the ACCC has no "enforcement" provisions for "Failure to Mediate", Allied's history as a rogue franchisor in this area is clear.

Now Allied Brands insists that Dunkin Brands follow the code that they themselves have used to abuse the Baskin Robbins franchisees!

We all can't stop laughing!