Home > Latest News > EXCLUSIVE:Theatre At Home Administrators Report Due Today, Lifestyle Store CEO Ducks For Cover

EXCLUSIVE:Theatre At Home Administrators Report Due Today, Lifestyle Store CEO Ducks For Cover

A major report into Theatre At Home is set to be released today by the administrators of the failed AV business with creditor running up to 800 according to sources, with the losses in the millions of dollars.

Lifestyle Store stock that was initially claimed by Danny Assagby, the CEO of Hudson Homes, and a major investor in the Theatre At Home business who stands to lose over $7M, after trying to sell his investment, is now in the possession of Greys Online according to the administrators.

 

Danny Assagby Hudson Homes CEO is believed to have lost millions

Earlier this month Assagby was approached by Digital Cinema to buy the stock seized from the Lifestyle Store.

ChannelNews has been told he was not able to get access to stock held at Theatre At Home stores after several landlords changed the locks and padlocked stores with stock still inside.

Small creditors are being told to approach their credit card Company for deposits paid via their card as several credit card Companies have insurance cover for certain retail purchases.

Some suppliers to the Lifestyle Store are now questioning why the Lifestyle Store was not placed into administration when according to several people we have spoken to said that “There is clear evidence that hundreds of thousands of dollars were taken in deposits for Lifestyle Store” and not fulfilled”.

Vinod David, CEO Lifestyle Store Claims He Is Still In The Country.

Recently we were approached by Vinod David the former CEO of both the Lifestyle Store and Theatre At Home claiming that “he wants to put his side of the story”.

We then told him that we wanted to do the interview ‘face to face’ following claims that he has fled the Country.

He immediately came back saying “At the moment the lawyers have advised me that I cannot speak with the media as it is an ongoing issue”.

In his original message and before the request for a face-to-face interview he wrote “I am happy to sit with you and give you what you need”.

He also said “hopefully you will see what has actually occurred. I will message you”.

One question we wanted answers to related to a contract between ROQO Pty Ltd and the Lifestyle Store Pty Ltd that resulted in all Lifestyle Store assets being owned by ROQO Pty Ltd including all stock.

We have been advised that the legal document was rejected by the administrators which brings into question the whole issue of whether anyone had the rights to seize stock ordered and owned by the Lifestyle Store.

Several suppliers and people who claim that they have not got the goods they paid for, after paying the Lifestyle Store deposits which are believed to be in the millions, are now asking why the Lifestyle Store has not been placed into administration alongside Theatre At Home.

We wanted to question Vinod David who has been associated with several failed businesses and has been bankrupt in the past whether he was trading while insolvent with the business struggling to pay the rent on their North Parramatta Store.

According to sources working with the administrator the Theatre At Home business was placed into administration by Danny Assagby the CEO of Hudson Homes and loan Company Equiti.



You may also like
EXCLUSIVE: Lifestyle Store & Theatre At Home Directors Facing ASIC Investigation As 2nd ‘Horror’ Report Released
EXCLUSIVE:Administrator Reveals How Vinod David,Desperate For Money, Handed Over Lifestyle Store Assets
Questions Raised As To Why The Lifestyle Store Is Not In Administration?
Where Is Theatre At Homes & Lifestyle Stores John Krantis, As Drama Unfolds
Former Bankrupt Vinod David, Threatens Legal Action As Another Of His Businesses Goes Into Administration