We understand former CEO Shane Radbone and his wife, Victoria E. Radbone, have taken offense at comments made on this blog and elsewhere in the media in relation to Mr. Radbone's time as CEO of Allied Brands Ltd. (In Administration).
Mr. Radbone has a fine career as motivational speaker.
While Shane Radbone was the CEO of Allied Brands Ltd. the board of that public company chose to reward Mr. Radbone with below-market priced shares, and they also agreed to finance this purchase of shares to Mr. Radbone and his wife Victoria E. Radbone. This is a common business strategy to motivate successful executives, and we did not suggest otherwise.
In June of 2010, Mr. Shane Radbone was terminated by the company from his position as CEO. We do not know the reason for his termination and meant no disrespect to him if it was suggested otherwise.
In October of 2010 Allied Brands Ltd. collapsed leaving a couple hundred small-business owners (franchisees) in severe distress with many of them closing as well. Of course Mr. Shane Radbone had departed the company four months earlier, so he had no responsibility for the collapse and appointment of an administrator.
In a subsequent report by the administrator Vincents, it was noted Shane Radbone Investments Pty. Ltd. were shown in the Allied Brands Ltd. company records owing on a loan the sum of $837,579. The solicitors for Shane Radbone Investments Pty. Ltd. responded to Vincents that the demand is misplaced, and they dispute any debt owed to the company and administrators. In subsequent public reports available from Vincents, there is no further record of repayment of this loan to the administrator by Shane Radbone Investments Pty. Ltd.
We don't know if Shane Radbone Investments Pty. Ltd. is associated in any way with Mr. Shane Radbone and/or his wife Victoria E. Radbone.
We don't believe there is any dispute about the facts in this case, and if any offense or disrespect was caused in the reporting of these facts, an unreserved apology is proffered. Without Prejudice.
