ALLIED BRANDS ADMINISTRATOR THROWS IN THE TOWEL FOR QUICK CASH, REFUSES TO CHASE MILLIONS MISSING FROM ACCOUNTS DUE TO "LACK OF FUNDING"

Allied Brands Ltd (ABQ) administrator Vincents has issued their long-stalled report on the debacle that caused the collapse of this company at the hands of morons, thieves, and charlatans.

While some of the report has been reviewed in today's Sydney Morning Herald, it is so packed with stupidity and absurdity that the depth of the corruption at this company is truly breathtaking.

MISSING TRUST FUND MONIES

Despite repeated attempts by Baskin Robbins franchisees to get the required ACCC accounting for the last two years TRUST FUND for advertising, Vincents has ignored their fiduciary duty in producing this report (which was due to the ACCC prior to the collapse of the company).

In this fund, over $1 million is estimated missing. Stolen by the trustees. Looted by the company. WHERE IS THIS MISSING MILLION?

WHY ALLIED BRANDS COLLAPSED

An unnamed director has claimed (5.5) that the collapse of Allied Brands was caused by the cancellation of the Baskin Robbins Master Franchise agreement. What bullshit! ABQ had a long history of failing to live up to the requirements of this agreement (reference this blog) and for at least six months prior had been unable to even provide stocks of ice cream to franchisees, many of whom sourced unbranded product in order to stay open.

This "unnamed director" should be tested for drug use immediately.

And the non-payment of company owned shop employees as well as their superannuation was a material breach of the agreement.

MISSING ASSETS

As shown in the report (5.11) and reported previously on this blog, there are vehicles owned by Allied Brands still being driven around town by ex-employees including the Grahams.

LOANS TO DIRECTORS

In a new twist, loans made by the company to directors (including Peter Graham and Shane Radbone) are disputed by them despite records including company reports to the market acknowledging these loans. Apparently you can just tell the administrator "not my problem", and the administrator goes away! Additionally, Graham, who lives in multi-million dollar accommodations, drives luxury sports cars, and spends his time drinking fine wines while dining at exclusive Gold Coast digs has claimed, in a statutory declaration, "he does not have the financial capacity to satisfy this $167,841.95 claim against him"!

What a fucking criminal liar this guy is! Why hasn't Vincents called the cops?

INVESTIGATIONS

Despite two court orders allowing Vincents "more time" to conduct investigations, their report is filled with "I am not in a position to comment", and the even more disgusting "I am without sufficient funds to attend to further investigations".

The moral? When you bankrupt your company make sure you leave nothing, so that the liquidators can't investigate your criminal activities.

CREDITORS AND OTHERS ATTENDING THE MEETING CALLED FOR 19 APRIL 2011 SHOULD VOTE NO ON THE PROPOSED DEED OF COMPANY ARRANGEMENT. ALL ADDITIONAL MONIES OWED TO THE COMPANY TO BE DIRECTED INTO PROSECUTION OF THESE CRIMINAL THUGS.