VINCENTS IGNORES HIDDEN ABQ ASSETS - LOOTED FUNDS PUMPED INTO ESSENTIAL GROWTH PTY LTD

In late 2009 as Allied Brands was obviously failing internally, three Baskin Robbins managers decided to exploit the situation by "skimming the cream" of new shop sales. In cahoots with senior management including million dollar deadbeat Shane Radbone (and wife Victoria) on the scam, managers Tony Cavanagh, Brett Amis, and Trent Graham formed a company "Essential Growth Pty Ltd" to sell Baskin Robbins shops. The ACN of this venture is shown by ASIC as 137 983 521.

The purpose of this scam was two-fold. It allowed Allied Brands to "distance" itself from the growing number of complaints, lawsuits, and the previously reported "Korean Visa Scam" in new shop sales. ABQ was at this point starved for cash, and like many sick franchisors depends on "new suckers" to buy shops in unviable locations. By letting these managers to sell these dud locations under a non-ABQ entity, while pretending to be acting for Allied Brands, Radbone and Peter Graham hoped to shield ABQ from the complaints of these franchisees when the shops failed. Putting his son Trent in as a "partner" was done for obvious reasons.

Secondly the scheme removed all the unsold shops from the ABQ balance sheet, where they had clearly become a huge question from the shareholders. One of them, at the Oasis Centre across from Jupiter's Casino at the Gold Coast, was pocketed by Brett Amis.

Several of the shops built under this scheme have already been closed with franchisees dudded upwards of $300k each. Several more of these shops are in locations destined to fail, with franchisees struggling to hang on. These shops were constructed with cheap fitouts and fittings, and franchisees have been told by new management that much of it will need to be replaced to "comply with standards".

And reports indicate that at least one of the "Missing Baskin Robbins" cars, which Vincents hasn't been able to find, is sitting in the garage of one of these "Essential Growth" directors. The only "Essential Growth" in this scam was the cash filling up these Baskin Robbins management employees.

Why has Vincents failed to pursue this missing assets? Has chairman Lachlan McIntosh (already known to have worked with one of the appointed administrators) been involved? Or is this a continuation of the looting of this company that began under the tutelage of the first management, the Graham family?

Despite repeated notices to ABQ administrator Vincents, no attempt has yet been made to recover the ABQ assets transferred to Essential Growth in this scheme. Estimates indicate upwards of $2 million has gone missing into these dodgy dealings alone.