The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The president of the former ‘Fantasy’ web shop chain yesterday said it was “insolvent” and unable to pay its bills, as he accused an aggrieved ex-business partner of abandoning the company and burdening him with thousands of dollars in debts.

Deyvon Jones told Tribune Business that Albert Rahming was effectively trying to “get something for nothing” via the October 7 legal action initiated against himself and another ‘Fantasy’ shareholder, Jamaal Stubbs.

Mr Rahming (see other article on Page 1 B) is alleging that the sale of ‘ Fantasy’ and its eight shop locations to Craig Flowers’ FML Group of Companies was improperly consummated, since the necessary shareholder resolutions/Board approval for the deal were never forthcoming.

Claiming that this violates the Companies Act, Mr Rahming is also alleging that he has not received a single cent from the deal as compensation for his 38.125 per cent equity holding.

Mr Jones, though, yesterday hit back at Mr Rahming by pointing out that his equity holding was effectively worthless, given that ‘Fantasy’ and its parent, Noble Stakes Ltd, were insolvent and unable to pay their bills.

Giving this explanation for why Mr Rahming has not received any funds, Mr Jones, who is now working as FML’s chief operating officer, said he was faced with either ‘Fantasy’s’ closure and the loss of 56 jobs, or allowing Mr Flowers to take over the operations and locations to preserve employment.

He added that he had personally paid more than $80,000 worth of debts and liabilities left behind by Noble Stakes/Fantasy without any assistance from Mr Rahming, who had seemingly walked away from the business.

And Mr Jones accused Mr Rahming and his attorneys of lobbying the Government against granting Mr Flowers the necessary web shop gaming licences as a means to force either himself and Mr Stubbs, or FML, to bow to their financial demands.

Emphasising that this was not going to happen, Mr Jones told Tribune Business: “It’s unfortunate that Mr Rahming has sought this type of action. It’s simply the result of being very petty and malicious.

“Mr Rahming is aware of what transpired. Noble Stakes reached a point where it was unable to continue in business. It was insolvent. We weren’t able to continue in operation.”

As a result, Mr Jones said Noble Stakes/Fantasy were faced with either winding-up the company, closing its operations and laying-off 56 Bahamians, or allowing FML and Mr Flowers to take over the leases and maintain the business.

Acknowledging that Mr Rahming had been his business partner in Noble Stakes, Mr Jones claimed he was “unable to meet his financial obligations to the web shop” firm, leaving the entire financial burden to fall on him.

Suggesting that Mr Rahming was consumed by “challenges” with his restaurant and other businesses, Mr Jones added: “He was unable to stay focused and unable to come into the office.

“I had to take the hurt of the business and meet payroll. It was too much for any one man. He left me with all this debt anyway.”

Mr Jones said FML had also taken over the responsibility of making more than $300,000 in payments to the Gaming Board that were necessary to get the former Fantasy locations into compliance with the ‘transition period’ to a legalised industry.

He pointed out that the $30,000 per location investigation fee meant that $240,000 alone was required for that one item, with additional payments made for premises licences, key employees and gaming employee licences.

Implying that FML has only acquired Fantasy’s operating assets, Mr Jones told Tribune Business he had been saddled with Noble Stakes’ remaining liabilities.

He said that, to-date, he had paid around $80,000 from his own pocket, including $20,000 owed to the Bahamas Electricity Corporation (BEC); rental arrears worth a collective $30,000; and outstanding National Insurance Board (NIB) contributions.

Mr Jones said the attitude of Mr Rahming and his camp appeared to be ‘if you don’t give us money, we will make a big stink of this thing and try to create problems for FML in getting a licence’.

“Nothing they’ve presented has any proof or merit,” Mr Jones told Tribune Business. “They’re making very wild allegations, and hoping something sticks. It’s just nonsense.

“Now it’s to the point where it’s getting nasty, and they’re trying to make it nasty. They know it’s a bogus action. It’s malicious. They are desperate. This is not the way to do it.

“He [Mr Rahming] wants something for nothing. He wants a free ride. He’s made hundreds of thousands off my back. I brought him into the business, and at some point he has to be a man.”

Mr Jones suggested that Mr Rahming was unhappy that he had been employed by FML, while Mr Flowers had rejected him for a post.

He added that he had last seen Mr Rahming three months ago, and suggested that if the latter had strong grounds for legal recourse, he would have initiated his Supreme Court action much earlier than October 7.

Mr Jones said he would have been open to meeting Mr Rahming, with both their attorneys present, to resolve any issues, but that time had now passed given the “disingenuous and malicious” nature of the claims.

Disclosing that he would instruct his attorneys to give a formal response to Mr Rahming’s allegations, Mr Jones said Mr Flowers’ reaction to the situation was “disbelief”.

“Everyone knows Craig Flowers doesn’t like confrontation, doesn’t like conflict, doesn’t like his name mixed up with anything. They figure that if they make noise Craig Flowers will run out with a cheque. What does FML have to do with it?” Mr Jones asked.

“Craig said to me: ‘You have to be careful with the people you shake hands with. You bring them to your table and you may do well for them, but if you don’t carry them further, they will be a thorn in your side like you will not believe’.”