qbadmin.exe only provides command-line administration for Qube!, so it will not open any GUI. For more information see:
http://docs.pipelinefx.com/display/QUBE/qbadminIf Qube! Supervisor menu items are greyed out, and if you are running on Windows OS, you will need to launch Qube! with right-mouse-click 'Run as administrator'.
If your Qube! software Support and Maintenance is current (and I think it is) send an email explaining any issues or inquiries to: support@pipelinefx.com
Regards,
Darrin