Tinkler, charlatan?

[Bansai Pipeline]

I work closely with one of his businesses...

Make sure you get paid then chief.

[Vasco]

Make sure you get paid then chief.

It's a struggle but it comes.

[Guest]

Got more chance of Bill Gates gettin caught shoplifting a Mars Bar.....

Really, a bloke worth in excess of $600 mill torching a car worth 500k????? If you think very carefully about this....By the time he goes to the servo to buy a petrol tin and matches, comes home, drives the car 20kms from home and torches it, gets a lift home and then reports it stolen....He could have bought another one brand new from the interest earnt on his 600 million.

Not exactly rocket science....

Never confuse assets with cash - many a squillionaire has come to grief on them rocks!!

[Billy Gunn]

Never confuse assets with cash - many a squillionaire has come to grief on them rocks!!

It's a problem I wouldnt mind having

[The Brain]

some blokes arent who they really think they are or have.
Ive seen plenty like him and he wont be the last.
If I told you Fortescue wast far off collapse a year ago or so would you believe me? Nearly happend saved by the bell .

[supermario]

good timing pipe, there is an article in the herald about more squables between the knights board and HSG (hunter sports group, tinklers company).

One side (hsg) is saying that the knights finances are worst than first thought

The other side (knights board) is saying that HSG cannot come up with the bank guarantee of $20mil and even though the deadline was extended from today to 10 August, and they are concerned that they will not get the guarantee by then.

Interesting times ahead.

http://www.smh.com.au/rugby-league/l...629-1gr80.html

Tinkler's bid to buy Knights in doubt after he fails to stump up cash Robert Dillon
June 30, 2011

NATHAN TINKLER's bid to privatise the Newcastle Knights has plunged into disarray because he is unable to fulfil fundamental financial commitments in time for today's handover deadline.

Troy Palmer and Ken Edwards, the chief executive and executive chairman respectively of Tinkler's Hunter Sports Group, met the Knights board of directors yesterday to seek extra time for the self-made billionaire to fulfill his obligations.

Knights chairman Rob Tew subsequently provided the Herald with a written statement, which read: ''HSG directors Ken Edwards and Troy Palmer this morning advised the board of the Newcastle Knights that HSG is not in a position to complete the transaction by June 30 for a number of reasons, including an inability to pay the existing liabilities as well as an inability to provide a bank guarantee by that date.

Advertisement: Story continues below ''The Knights board has been told it will be provided with a representation from the HSG regarding their request for an extension of time to complete the transaction, together with detail of when the bank guarantee will be available and liabilities paid. In light of the pressing nature and scale of the existing liabilities, the board of the Newcastle Knights will consider the HSG request with appropriate gravity, once more detail surrounding the timing of the payment of liabilities and provision of the bank guarantee is known.''

Tew was not available for further comment, but Palmer denied last night that the takeover was in jeopardy. He said HSG had merely sought an extension to the June 30 deadline.

HSG assumed control of the Knights' operations almost immediately after the historic March 31 ballot, at which 97 per cent of members voted in favour of privatisation. The handover was expected to take three to five weeks.

An initial date of completion was agreed for May 31, then deferred until June 30 at HSG's request. Tinkler has promised to pay out the Knights' debts, estimated to be worth more than $3.5 million, and provide a bank guarantee for $20m. Palmer said both those pledges could be honoured by August 10. He said there were ''a lot of moving parts'' and the complexity of the deal had caused delays.

''Once it is all in place the final exchange of the money will be done, the bank guarantee will be handed over and we'll have full ownership of the Knights,'' he said.

Palmer described the Knights liabilities as ''a fluid number'' and ''larger than we thought''. He said to pay out the debt before the date of completion would amount to providing the Knights with an unsecured loan. Palmer said there was still ''work to be done'' with regards to the $20m bank guarantee but ''it will be in place at the time of completion''.

Asked about the possible perception that Tinkler had been unable to come up with the necessary cash on the due date, Palmer replied: ''That's incorrect. I think Nathan's financial position is well documented.

''We're just following normal business procedures in completing a deal. We'll continue to work with the board to complete this deal ASAP.''

Tew told the Herald on Sunday that if HSG failed to honour today's deadline, the matter would return to members, who would be asked to vote on offering a time extension.

HSG and Knights directors are expected to hold further talks today.



Read more: http://www.smh.com.au/rugby-league/l...#ixzz1QkqidxER

[Guest]

Fortescue is still a pretty good shot at going bust when the iron ore price inevitably comes off

Tinkler spent everything he made out of his original couple of hundred on toys and horses and horse farms (and getting ripped off by Sydney trainers according to his current litigation) but he is a slow payer in all areas of his business.

But second time around he has made $1 billion about $400m of which is cash from the Aston Resources deal - he paid $280m sold 60% of it for 600 and still has 40% which is now worth about $500m

The stupid thing about the Tinklecastle situation is that he has been given the keys to the house without ever being made to pay for it. The board did a good job getting him to offer more money twice but then they never cashed the cheque before they left the building and now they are trying to claw back the cash.

Bizarro

[ism22]

Hmmmm I don't think he has any debt he's got BILLIONS.
That said, what's the deal with him having to delay flicking a few hundred grand at the Knights? Seems fishy...

He's a fat shonk who despite being one of Australia's richest men is still complaining about having to pay a tiny bit extra tax + claims he's a small-time player. That said he's very rich

[Guest]

But I do need to bear in mind that everything I say is fuelled by jealousy

[melon....]

For a moment there I thought Tinkler had signed with Catalans.

[crikey chris]

Fortescue is still a pretty good shot at going bust when the iron ore price inevitably comes off

Tinkler spent everything he made out of his original couple of hundred on toys and horses and horse farms (and getting ripped off by Sydney trainers according to his current litigation) but he is a slow payer in all areas of his business.

But second time around he has made $1 billion about $400m of which is cash from the Aston Resources deal - he paid $280m sold 60% of it for 600 and still has 40% which is now worth about $500m

The stupid thing about the Tinklecastle situation is that he has been given the keys to the house without ever being made to pay for it. The board did a good job getting him to offer more money twice but then they never cashed the cheque before they left the building and now they are trying to claw back the cash.

Bizarro

Big Morls, sounds like you play the stock market?

The whole Tinkler/Newcastle thing has a bad smell about it. Could end in tears!

[Adolf Fittler]

Big Morls, sounds like you play the stock market?

The whole Tinkler/Newcastle thing has a bad smell about it. Could end in tears!

Apparently those in the know that have been stung before actually call it the jewish casino!

[Bansai Pipeline]

Maybe he's waiting on that car insurance payout?

http://www.smh.com.au/rugby-league/l...701-1gux6.html

[trewhella]

jewish casino??

Greek Bordello?

When are the Aussies going to catch a break??

[Guest]

this is gonna end in tears
cant wait to see that farken carnt bennett reneg on the deal when his 1st paycheck bounces