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Tinks on the Brink?

Discussion in 'Rugby League Forum' started by The Wheel, Nov 20, 2012.

  1. The Wheel

    The Wheel Well-Known Member

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    What does this mean for Newcastle, if his private company is in liqiudation surely his sports company but have doubts over it going forward.

    Tinkler's Mulsanne in liquidation over debt case
    Coal baron Nathan Tinkler’s private company Mulsanne Resources is in liquidation after failing this morning to come up with $28.4 million owed to listed coal junior Blackwood Corporation.

    The NSW Supreme Court appointed Ferrier Hodgson as liquidators, after settlement negotiations which had been going on for the past fortnight, failed.

    Mulsanne, a shelf company of which Mr Tinkler is a director, earlier this year agreed to take up 95 million shares in a placement at 30 cents a share - then a 50 per cent premium to the prevailing share price - to fund Blackwood's exploration campaign. The share placement would have meant an about 34 per cent stake in Blackwood for Mr Tinkler.

    Blackwood shares slumped 4 cents, or 22 per cent, to 14 cents after the liquidation was announced this morning.

    Advertisement Mr Tinkler has faced a series of legal actions against various of his private companies but has managed to settle each time at the last minute, and avoid liquidation.

    But Mulsanne did not come up with the money it owed Blackwood today and if a liquidator finds it has not had enough assets to cover the Blackwood liability, Mr Tinkler could be charged with insolvent trading.

    A response has been sought from a spokesman for Mr Tinkler, who is now a Singapore resident.

    more to come



    Read more: http://www.smh.com.au/business/tinklers-mulsanne-in-liquidation-over-debt-case-20121120-29n14.html#ixzz2CiTFpSxf
     
  2. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    Quite possibly means that Drugcastle are stuffed. Or they could relocate to either the CC or Singapore. Singapore would be good Mark?
     
  3. globaleagle

    globaleagle Où est mon chapeau Premium Member 2016 Tipping Competitor

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    Tinkler thinks so.
     
  4. mozgrame

    mozgrame Well-Known Member

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    What is causing his cash bleed?
     
  5. tookey

    tookey Well-Known Member 2016 Tipping Competitor

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    $300m worth of horses are said to be bleeding him dry by about $2m a week and the recent drop in coal prices means that he cannot borrow any more money against his coal shares to provide cash flow either.

    He is just like a borrower with a margin loan. Things are great when share prices keep increasing but quickly turns to **** when the share prices drop. Coal prices don't look like increasing for a while if ever.

    Moving to singapore is a strange decision for a life long novocastrian. Sounds very much like is has moved to avoid the creditors when the eventual empire crash occurs.
     
  6. mozgrame

    mozgrame Well-Known Member

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    I can't help thinking.....this is somehow all Wayne Bennetts' fault. Lol.
    Could you imagine owning $300m worth of horses, at a loss of $2m a week?? Let alone any other bleeds. Singapore must look like Heaven at the moment.
     
  7. MadMarcus

    MadMarcus Local Lunatic 2016 Tipping Competitor

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    Majorca must be full.
     
  8. The Wheel

    The Wheel Well-Known Member

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    I wonder if his financial advisor is Emmanuel Cassimatis?
     
  9. mozgrame

    mozgrame Well-Known Member

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    I've got a spare room up here if he wants a run with the Capras. Board and lodgings to be paid in cash of course. No cheques.
     
  10. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

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    He would have obtained tax advice regarding his move to Singapore. His loans are huge and far outweigh his assets. The guys a gambler and most-times gamblers lose. I pity those folk who stood up and voted against his take-over. They were all regarded at the time as fools and knockers. Time will tell, but I think it will end in tears.
     
  11. HappilyManly

    HappilyManly MWTS Premium Member 2016 Tipping Competitor

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    Wonder what the ARLC are going to do about the due diligence for ownership of registered Clubs?

    If Newcastle or like last year the Titans fold, the NRL contravene their broadcast deal of 8 games per week. The 1.05 billion deal is exposed to the whims of these Owners.

    But, it was on another thread that Tinkler laid out $10 million in ESCROW for Newcastle. However, the Secured Creditors of his business may still have rights to this loot.

    We live in interesting times - no mention of Tinkler being a dysfunctional Owner from the DT like they had with Delmege :mad:
     
  12. bob dylan

    bob dylan Well-Known Member Premium Member 2016 Tipping Competitor

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    I guess I need to careful what I wish for.
     
  13. tookey

    tookey Well-Known Member 2016 Tipping Competitor

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    He wishes that he was his adviser because at least he would then be eligble for some of the $268m the Commonwealth bank gave as compensation to Cassimatis' clients.Not that the bank was admiting that they were guillty of anything of course - they just gave the $268m as a goodwill gesture.
    [hr]
    I heard that he is blaming Gillard, Tim Flannery and the carbon tax and their insistence that countries stop using coal.

    Bet he now wishes he bought into a more environmentally friendly industry and not one that is being blamed for destruction of the world
     
  14. bones

    bones Bones Knows Premium Member 2016 Tipping Competitor

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    Coal Baron is funny.
     
  15. The Who

    The Who Well-Known Member

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    If he halved his food intake and drank more water he'd improve his liquidity.
     
  16. Ron E. Gibbs

    Ron E. Gibbs Well-Known Member

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    Singapore, eh? Just last week I read him complaining about being portrayed as the new Christopher Skase. Apparently that was a fairly accurate portrayal…
     
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  17. MadMarcus

    MadMarcus Local Lunatic 2016 Tipping Competitor

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    Banks will do that. Last time they (accidentally) charged me a fee twice, I called them up, didn't have to wait on hold, immediately spoke to a very nice Australian person from my local branch, they issued an unqualified apology and credited my account by a couple of Mil as a "goodwill gesture".

    I'm sure Ryan will be able to confirm that the above is reflective of NAB policy (my Bank isn't NAB, but I expect it is a uniform approach). I guess this is why everyone loves Banks so much.
     
  18. Phantar

    Phantar Well-Known Member

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    To be Frank (sic) Moz, I don't think he will be heading to the Capras.
     
  19. mozgrame

    mozgrame Well-Known Member

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    Haha! Very well.
     
  20. manlyfan76

    manlyfan76 Parra Trolls are the best. Premium Member 2016 Tipping Competitor

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    NRL clubs: it's a buyers market.
     
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