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http://www.smh.com.au/nsw/tinkler-fa...903-25amp.html
THE former billionaire Nathan Tinkler edged closer to the brink of financial disaster yesterday after failing to comply with a court order to pay the building company Mirvac about $17 million to settle a property deal.
Two of Mr Tinkler's private companies agreed to buy an industrial site at Newcastle from Mirvac in July last year but failed to settle after the NSW government rejected his plans for a fifth coal export terminal at Mayfield.
Mirvac sued, and on August 1 the Supreme Court of NSW ordered Tinkler's Ocean Street Holdings and another of his companies, the Buildev Group, to complete the purchase by 5pm yesterday.
A Mirvac representative confirmed yesterday that despite the court order, the ''settlement did not take place''.
''Mirvac intends to pursue its rights in relation to this matter to ensure … the contract for the sale is completed.''
A senior commercial litigation lawyer said such judgment debts could be enforced in many ways, but the most common option in the case of a corporate debtor was to seek liquidation. The company's assets could also be seized by obtaining a court order.
Mr Tinkler, who relocated his family to Singapore in June, declined to comment yesterday.
It is the second payment deadline missed by Mr Tinkler, after his Mulsanne Resources failed last month to pay a promised $28 million to take up shares in the listed junior coal explorer Blackwood Corporation.
On Friday, Blackwood also threatened legal action to collect the payment.
Mr Tinkler, whose wealth was estimated at $915 million by BRW in May, has endured mounting speculation about his financial position after the non-payment to Blackwood at the beginning of last month and the failure of an ambitious $5.3 billion bid to buy Whitehaven Coal for $5.20 a share.
Mr Tinkler owns 21 per cent of Whitehaven Coal, a stake that accounts for the bulk of his wealth but which has lost more than 40 per cent of its value since an April merger with Aston Resources and his private Boardwalk Resources.
Coal prices have slumped recently, putting pressure on Mr Tinkler, who is known to have substantial debts secured against his stake in Whitehaven and other assets including his horseracing empire, Patinack Farm.
The full extent of Mr Tinkler's debts has not been confirmed, but corporate filings indicate his maximum liability may be as high as $638 million although his spokesman said the figure was ''a mere fraction'' of that amount. His Whitehaven shares were worth $696 million yesterday.
The Herald recently revealed Mr Tinkler was facing a ''mutiny'' from Patinack Farm employees who had not been paid their superannuation money since November.
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It shouldn't matter to uncle Wayne as his move to Naughtcastle was not about the money. /rolleyes
Can't wait to see the spin the Gidley brothers put on this.
Chook.
THE former billionaire Nathan Tinkler edged closer to the brink of financial disaster yesterday after failing to comply with a court order to pay the building company Mirvac about $17 million to settle a property deal.
Two of Mr Tinkler's private companies agreed to buy an industrial site at Newcastle from Mirvac in July last year but failed to settle after the NSW government rejected his plans for a fifth coal export terminal at Mayfield.
Mirvac sued, and on August 1 the Supreme Court of NSW ordered Tinkler's Ocean Street Holdings and another of his companies, the Buildev Group, to complete the purchase by 5pm yesterday.
A Mirvac representative confirmed yesterday that despite the court order, the ''settlement did not take place''.
''Mirvac intends to pursue its rights in relation to this matter to ensure … the contract for the sale is completed.''
A senior commercial litigation lawyer said such judgment debts could be enforced in many ways, but the most common option in the case of a corporate debtor was to seek liquidation. The company's assets could also be seized by obtaining a court order.
Mr Tinkler, who relocated his family to Singapore in June, declined to comment yesterday.
It is the second payment deadline missed by Mr Tinkler, after his Mulsanne Resources failed last month to pay a promised $28 million to take up shares in the listed junior coal explorer Blackwood Corporation.
On Friday, Blackwood also threatened legal action to collect the payment.
Mr Tinkler, whose wealth was estimated at $915 million by BRW in May, has endured mounting speculation about his financial position after the non-payment to Blackwood at the beginning of last month and the failure of an ambitious $5.3 billion bid to buy Whitehaven Coal for $5.20 a share.
Mr Tinkler owns 21 per cent of Whitehaven Coal, a stake that accounts for the bulk of his wealth but which has lost more than 40 per cent of its value since an April merger with Aston Resources and his private Boardwalk Resources.
Coal prices have slumped recently, putting pressure on Mr Tinkler, who is known to have substantial debts secured against his stake in Whitehaven and other assets including his horseracing empire, Patinack Farm.
The full extent of Mr Tinkler's debts has not been confirmed, but corporate filings indicate his maximum liability may be as high as $638 million although his spokesman said the figure was ''a mere fraction'' of that amount. His Whitehaven shares were worth $696 million yesterday.
The Herald recently revealed Mr Tinkler was facing a ''mutiny'' from Patinack Farm employees who had not been paid their superannuation money since November.
__________________________________________________ _
It shouldn't matter to uncle Wayne as his move to Naughtcastle was not about the money. /rolleyes
Can't wait to see the spin the Gidley brothers put on this.
Chook.
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