The world of Rugby League.

rleague.com

Is all not well in Tinkler Town.

bandwagon

bandwagon

[LIST]
[*]: Tinkler fails to meet deadline for settling $17m Mirvac deal
[/LIST]
http://twitter.com/share 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''.
Advertisement
''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.

http://www.smh.com.au/nsw/tinkler-fails-to-meet-deadline-for-settling-17m-mirvac-deal-20120903-25amp.html
 
View all 171 comments
bandwagon

bandwagon

Not until they're paid. 
knitey

knitey

Yeh, funny that. 
bandwagon

bandwagon

On another note, why do mining magnates all seem to be morbidly obese? 
knitey

knitey

Maybe because they spend all day sitting.....counting their millions. 
bandwagon

bandwagon

Maybe. 
southsport

southsport

I noticed that too, but not all, only Tinkler and Palmer..........Andrew "Twiggy" Forrest is not obese........any others? 
professional

professional

Rinehart 
knitey

knitey

Nathan Tinkler and Hunter Sports Group settle stadium rent bill

By Josh Massoud

http://resources1.news.com.au/images/2012/12/13/1226517/018013-nathan-tinkler.jpg
Nathan Tinkler's HSG sports group has settled a $583,000 stadium rental bill with the NSW government.

THE uncertainty surrounding Nathan Tinkler's Newcastle sporting empire eased yesterday after the coal magnate settled his $583,000 stadium rental bill with the NSW government.

The development came on the same day the Knights struck a two-year deal with Roosters discard BJ Leilua and also extended an offer to bring local junior Anthony Quinn back to the fold.

For the past six months, Venues NSW had unsuccessfully tried to get Tinkler's Hunter Sports Group (HSG) to cough up unpaid rent for Hunter Stadium, which accommodates the Knights and Newcastle Jets.

But The Daily Telegraph yesterday learnt the money had been cleared into a government account, giving HSG some breathing space after Knights members had sought an urgent meeting about the club's finances last month. Over the past year, Tinkler's racehorse business has been decimated and his private jet repossessed.

In mid-December, the Australian Tax Office also moved to wind up HSG, the Knights and Jets owing over a combined $2.7 million unpaid tax bill.

HSG officials vowed to re-pay the debt well before the Federal Court hearing on February 20.

Venues NSW chair John Quayle last night confirmed the deal.

"We are now getting on with the business of finalising a new tenancy agreement to secure the long-term future of both the Knights and the Jets at one of the best sporting facilities in NSW," Quayle said.

Leilua's deal was finalised yesterday but cannot be officially registered until the NRL confirm this season's salary cap - expected to be $5.85 million.

http://www.couriermail.com.au/sport/nrl/nathan-tinkler-and-hunter-sports-group-settle-stadium-rent-bill/story-e6frep5x-1226547295360 http://www.couriermail.com.au/sport/...-1226547295360 
Maximus89

Maximus89

I thought the tax bill was going to be paid immediately? Next week has been and gone.

I also wonder what made him decide to finally pay the rent bill 6 months later? The government tell them they couldn't use the stadium any more? 
Lewis06

Lewis06

I would be fat too if I was a billionaire......I want to be one so f-ing bad. 
AspleyOwl

AspleyOwl

Not all but the lazy ones are for sure. A wise man once told me it is not what you earn it is how you spend it !!! Tinkler would be better off buying a brewery and a few McD's franchises save some of the bills. 
MrFourex

MrFourex

So then you'd have an excuse for actually being a fat caarnt? 
MrChook

MrChook

I reckon these billionare types pay late just because they can. It like they are saying "screw you, I'm the billionare, don't tell me what to do, I'll pay when I damn well please".

See it a lot at work - give these mult-millionare punters credit and they'll pay up at the last possible second. 
Lewis06

Lewis06

Here we go again....:rolls:
Let me guess, you were rudely interrupted by Nathan Tinkler while talking with Kerry Packer about the exchange rate you got for Leonardo DiCaprio earlier that day.... 
TS_Quint

TS_Quint

Lewis you seem to be having a hard time believing that there are actually some people who deal with the rich and famous.

Or is it just that you don't believe someone like that would post on a Rugby League site? 
Maximus89

Maximus89

More likely that people have jobs. He wouldn't know what that is like. 
knitey

knitey

Nathan Tinkler's control of the Newcastle Knights hinges on outcome of book audit

By James Hooper

http://resources0.news.com.au/images/2012/11/15/1226517/714576-nathan-tinkler.jpg
Nathan Tinkler's control of the Newcastle Knights hinges on the results of an audit.

NATHAN Tinkler's love of a punt is world famous. The reclusive coal baron has won and lost a billion-dollar fortune two times over by riding his luck to the limit in big business.

Right now, Tinkler's latest roll of the dice with his beloved Newcastle Knights is a two-week ticking time bomb.

Monday, January 21, is the extension Tinkler and the Hunter Sports Group were granted to deliver an independent audit of the Knights' books to the six-man Members Club board.

Failure to comply with any of the three key milestones agreed to in Tinkler's $100 million 10-year takeover could result in another power play for control of the club.

If Tinkler and HSG come up short on delivering $10 million in sponsorship for the calendar year, the Members Club could exercise an option to begin drawing on any shortfalls out of Tinkler's $20 million bank guarantee.

Of course, this is a worst case scenario. But given the raft of financial spot fires that have developed into a raging inferno around Tinkler and HSG over the course of the past six months, anything is possible.

When The Sunday Telegraph contacted HSG boss Troy Palmer and Knights chief executive Matt Gidley yesterday, both said all key milestones were on target to be met by January 21.

Make no mistake, the peace talks from the December 17 crisis meeting in Newcastle between the HSG boss Troy Palmer, Knights coach Wayne Bennett and the Members Club board were a long way from blue skies and sunshine.

In essence, the warring parties agreed to call a ceasefire until the independent audit was complete. And, in the mean time, Tinkler and HSG needed to begin paying their debts and extend the $20 million bank guarantee until January 31.

In fairness, Tinkler and HSG have begun honouring their ballooning debts. The $583,000 unpaid Hunter Stadium rental bill has been settled, as has the $180,000 owed to the junior development coffers of the Newcastle Rugby League.

However, there is still the matter of the $3 million tax bill yet to be settled with the Australian Taxation Office.

On January 21, we'll get a clearer indication of whether there's likely to be another move surrounding Tinkler's ownership of the Knights.

Privately, some people in Newcastle have become frustrated with the constant stretching of deadlines to meet debts, particularly to smaller-sized businesses who lead a virtual hand-to-mouth existence.

The Knights Members Club board are the gatekeepers of Tinkler's private ownership tenure, with the six-man board compromising chairman Nicholas Dan, Allan McKeown, Leigh Maughan, Peter Corcoran, Steve Doran and Trevor Crow.

For the sake of one of the NRL's proudest clubs, they need to remain vigilant.

http://www.dailytelegraph.com.au/sport/nrl/nathan-tinklers-control-of-the-newcastle-knights-hinges-on-outcome-of-book-audit/story-e6frexnr-1226548141764 http://www.dailytelegraph.com.au/spo...-1226548141764 http://www.dailytelegraph.com.au/sport/nrl/nathan-tinklers-control-of-the-newcastle-knights-hinges-on-outcome-of-book-audit/story-e6frexnr-1226548141764 
bandwagon

bandwagon

Good news Knights fans, hope it stays that way. 
knitey

knitey

Audit proves Nathan Tinkler made good on promises to Newcastle Knights

By Barry Toohey

http://resources3.news.com.au/images/2012/12/15/1226537/273203-tinkler.jpg
Embattled Newcastle Knights owner Nathan Tinkler is set to hear some good news.

MILLIONAIRE Nathan Tinkler's troubled empire is set to be boosted by a $10 million windfall next week with an independent financial audit of the Newcastle Knights poised to finally end immediate speculation over his ownership of the club.

Knights officials claim the audit proves Tinkler has honoured all terms and conditions of his 2011 takeover of the club, with the document to go before a meeting of the Knights Members' board tomorrow morning for ratification.

"It's pretty clear-cut - everything Nathan said he would deliver on he has and the audit spells it all out," Knights CEO Matt Gidley said.

"There's been a lot of speculation surrounding all this but there was never really any dramas from our point of view. We are just focused now on the season ahead.

"No one should doubt Nathan's commitment to the club and to Newcastle. To raise $10 million in sponsorship and his commitment to junior development and the Newcastle league - it speaks for itself."

The audit, conducted by Crosbie Warren Sinclair, is understood to confirm Tinkler has made good on his promise to guarantee the club sponsorship of $10 million last year in addition to providing funding of $2.5 million for junior development and $300,000 for the running of the Newcastle Rugby League and working capital for the day-to- day running of the club.

A $20 million bank guarantee provided by Tinkler was another cornerstone of the takeover agreement and a safeguard should Tinkler default on any of his commitments.

Tinkler will pocket almost half of that on January 31 with the guarantee to revert to $10.3 million on that date provided the audit is rubber-stamped by the Members' club at tomorrow's meeting.

Members' club chairman Nick Dan took possession of the audit last Friday but refused to speculate on the outcome of the meeting.

He did confirm that he has already sought clarification from the auditors on a couple of points in the document.

"I've asked a few questions of the auditors already and I've asked my board to get back to me before the meeting if they have any queries," Dan said yesterday.

http://www.dailytelegraph.com.au/sport/nrl/audit-proves-nathan-tinkler-made-good-on-promises-to-newcastle-knights/story-e6frexnr-1226560392982 http://www.dailytelegraph.com.au/spo...-1226560392982 http://www.dailytelegraph.com.au/sport/nrl/audit-proves-nathan-tinkler-made-good-on-promises-to-newcastle-knights/story-e6frexnr-1226560392982 
AspleyOwl

AspleyOwl

the majority of the wealthy will hold off paying all bills debts etcc so they have the money in their accounts earing interest. Other scenario is your right they do screw the bills down and pay a lesser amount. Thats the world of high finance. 
professional

professional

Paying at the last moment works up until the point where you start getting sued and investigated by the ATO. At that point the legal costs and damage to your reputation cost a shitload more than the interest and financial flexibility you gain by delaying.

Tinkler isn't doing this by choice, he has been struggling with serious cash flow problems. At the end of this he will have lost more that if he paid on time (if he had the means to pay on time). 
saints

saints

I dunno the guy - but why do they buy horses ? One or two maybe - but not a stable full. Its a very expensive thing. He only has the cash poor asset rich thing. I'd say he'll come good. BUT - have learned a valuable lesson. 
Corabko

Corabko

betting on June Tinkler being even richer 

You need to login or register to contribute here

Recent Rugby League Posts

Awks - And 2 years of the 8 my 2 nephews have been members.. Congratulations to the u12s in the finals win over nsw 26-6
sportsnews30 - It’s Australia vs New Zealand in the Bledisloe Cup on Saturday.The match is slated to start at 8 p.m. AEST (10 p.m. NZST, 10 a.m. GMT) at...
ALX21 - Congrats to Sam Lavea for his debut 2 weeks ago. Jack Morris named for his debut for the Eels.
sportsnews30 - Taranaki vs Counties Manukau live stream Rugby 2014 online streaming & TV Channels. We must be ensure you the best online Rugby Live stre...
Fromthenest - Frenchville SS 46 def St Pats Gympie 4. They will play Weir SS sometime in the next fortnight.
seaeagles - your post is a good while back now,but I think you are on to a good thing there.i am based on the southern tip of the central coast(ex-Sy...
OutbackEyes - CAIRNS FAR NORTH QUEENSLAND 2014 Tassell Trophy Club Challenge Under 14’s Carnival will be held at Vico Oval, Irene St Mooroobool, Cairns...

Game by Game Discussions

Table 'rleague.meeting' doesn't exist
SELECT m.SportID as CategoryID, 'SportID' as CategoryType, m.Name as MeetingName, e.Name as EventName, m.MeetingID, e.EventID, e.EventNumber, e.StartTime, e.ForumPosts as Posts FROM `event` e INNER JOIN meeting m ON m.MeetingID = e.MeetingID WHERE NOT e.`Status` = 'closed' AND e.EndTime > UTC_TIMESTAMP() AND (m.SportID = 4 AND m.Removed = 0) AND (ISNULL(OrderIndex) OR OrderIndex <= 100) GROUP BY e.EventID ORDER BY e.StartTime LIMIT 20
backtrace/var/www/html/core/master.php800mc/var/www/html/data/forumPosts.php737loadUpcomingEvents/var/www/html/api/v2/api.php160Process/var/www/html/api/v2/api.php75Run/var/www/html/core/master.php866renderSlats/var/www/html/rleague/Forum_Right.php53include_once/var/www/html/Forum.php181