COLLAPSED ABQ NOW BEING LOOTED BY THE PROS

Allied Brands Ltd. administrator Vincents has filed notice for an ADDITIONAL six weeks of "convening period" after already getting one extension over the holidays.

It is unknown what this additional six weeks can accomplish - Vincents says "it is in the best interests of creditors and members of the company".

With charges by Vincents being made against the company of at least $80k/week, the only one who's interest is being looked after is the administrator, apparently.

Once the amateurs running a company like ABQ have stripped it of investor assets, then the pros come and and the real looting begins.

There is however still no sign of the missing Ad Trust Fund monies, nor the $750K "loaned" by failed and disgraced ex-CEO Shane Radbone TO Shane Radbone and his wife, Victoria Elise.

$1.5 MILLION MISSING - WHO STOLE THE BASKIN ROBBINS AD FUND MONEY?

It's been disclosed that the ACCC is investigating the apparent theft of over $1,500,000. in Baskin Robbins and other Allied Brands franchisee Ad Fund money by Allied Brands management over the last year.

As long noted by franchisees of many of the Allied Brands companies, promised advertising was not being done on behalf of any of the brands. All of the brands (Baskin Robbins, Cookie Man, Awesome Water, Kenny's Cards, etc) contributed large amounts to Ad Funds that are supposed to be held "In Trust" on behalf of the franchisees.

Administrators for Allied Brands, Vincents, have been asked by franchisees for the required audits of the Ad Fund contributions to be produced. To date they have not done so. As previously reported Peter Biazos, administrator at Vincents, was previously employed with ABQ CEO Lachlan McIntosh at Korda Mentha, a huge conflict of interest that the court has not yet ruled on.

Sources with the ACCC and ASIC both indicate that the criminal acts at ABQ are likely to result in up to nine indictments of Allied Brands management including current and former board members as well as general managers for several of the key brands. And this doesn't include the criminal charges that are going to result from the Korean Visa sale scam.