The world of Rugby League.

Is all not well in Tinkler Town.



Just a speed hump for Tinkler.........he'll get over it and cruise along. 


[h=1]Nathan Tinkler battles to hold on to his empire[/h]
[*] Vanda Carson
[*] The Daily Telegraph
[*] September 25, 2012 1:45PM

EMBATTLED mining magnate Nathan Tinkler has been slapped with a second lawsuit in the NSW Supreme Court as he battles to hold on to his empire. He facing the winding up of one of his key investment companies by a small stock market listed coal mining company, Blackwood Corporation.

It lodged the lawsuit yesterday, seeking $28.4 million owed by the mining billionaire's company Mulsanne Resources.

Blackwood has applied to wind up the company.

Supreme Court records show the case will have its first hearing on November 6.

It is listed as the matter of TBD - Application under Corporations Act: Blackwood Corporation Limited.

Mr Tinkler is already facing a lawsuit by Mirvac arm Domaine Steel in the same court.

Domaine has sued two of Mr Tinkler’s companies, Ocean Street Holdings and guarantor Buildev Group.

That case returns to court on October 23. 


According to the Daily Telegraph...Tinkler is late with the monthly payments to the Knights.I hope for the sake of Rugby League in Newcastle and in general that all is well with the deal between Tinkler and the Knights.He has a history of spitting the dummy and now that he is based in Singapore,he can partially ignore issues that are not on his immediate doorstep. 


Government chasing Tinkler for $1.2m in stadium rent

[INDENT] Government chasing Nathan Tinkler for $1.2m in stadium rent

By Phil Rothfield
Newcastle Knights owner Nathan Tinkler.

HE was once one of Australia's richest men - now Nathan Tinkler's refusing to pay the full amount of ground rental for his NRL and A-League teams.

Cash-strapped businessman Nathan Tinkler owes the state government $1 million and has had to negotiate a repayment deal to settle the debt. The now Singapore-based Tinkler has been in dispute for several months over homeground rental for the Newcastle Knights and Newcastle Jets.

Revelations of the money owing were raised when Sports Minister Graham Annesley was questioned at a recent budget estimates meeting.

It comes a week after The Daily Telegraph revealed Tinkler was late with player payments, superannuation and staff wages at the Knights. After months of negotiations, Hunter Sports Group has agreed to pay more than $880,000 but is still disputing another $400,000 of the $1.2 million debt.

Other NRL clubs Parramatta and St George-Illawarra play at government-run grounds but are up to date with their payments.

In a deal struck last week, Hunter Sports Group has agreed to pay $583,000 due by October 31 and another $300,000 by November 21.

HSG also owes third-party payments to players that have to be settled within 10 days.

In May, BRW estimated Tinkler's wealth at $915 million, and he was once Australia's richest man under 40.

He is in court today on another matter after failing to comply with an order to pay building company Mirvac $17 million to settle a property deal. Mirvac has lodged a contempt of court order to seize Tinkler's assets, which could involve taking thoroughbreds from his Patinack Farm racing empire.

The Knights' position is secure because of a $20 million bank guarantee negotiated by the club's former CEO Steve Burraston, but the Newcastle Rugby League is still owed more than $100,000 in a junior development grant.

Annesley and former NRL boss John Quayle have been in talks with Knights executives about the money owed.

"Although the discussions with Hunter Sports Group have taken longer than I would have liked I'm pleased we have now reached agreement on the bulk of the debt," Annesley said. "Discussions are continuing regarding the remaining $400,000 in dispute."

Annesley told a budget estimates meeting last week the money was owed for use of the stadium and catering services.

Hunter Sports Group spokesman Richard Fisk confirmed Tinkler had withheld payments for ground rental because of the dispute.

"As part of ongoing negotiations for a new 10-year hirer's agreement with Hunter Venues, some payments have been withheld by HSG, subject to the finalisation of the new agreement," Fisk said.

"Negotiations are anticipated to be completed within the next fortnight, with two lump sum payments having been agreed to finalise the transaction."

Slothfield being positive about the usual.*facepalm*



From experience it's always the ones with the most money that treat their creditors like dirt the moment they no longer need to butter them up. Will take as long as possible to pay, then a bit more. That's why they have so much money. 


So true.

Other peoples money. 


I saw on the ABC last night that they have got something about Tinkler on 7:30 report tonight. 


[INDENT] Nathan Tinkler prepared to quit racing, will stick by Newcastle Knights and Jets
Ray Thomas
The Daily Telegraph
November 01, 2012 12:00AM

MULTI-millionaire owner Nathan Tinkler remains committed to the Newcastle Knights and Jets football clubs - but he is prepared to walk away from his thoroughbred racing and breeding empire for the right price.

The former electrician turned mining magnate, businessman and thoroughbred owner-breeder contacted The Daily Telegraph yesterday to set the record straight on a number of issues, both on and off the racetrack.

In an open and frank interview, Tinkler confirmed he will continue to provide financial support to both Newcastle footy clubs, will further rationalise his racing interests, and took a swipe at the media.

In a surprising admission, Tinkler said his Patinack Farm racing and breeding operation is "not as enjoyable as it once was".

"I love my racing but I'm living overseas now and I'm not as hands-on as I'd like to be," Tinkler said.

"There is no one in the horse industry that wants to speak positive about anyone.

"The racing industry is a self-promoter's dream and I am not a self-promoter.

"If there was one thing that I could change about myself, that would be to like reading about myself and seeing myself in the papers but I just don't."

Tinkler confirmed plans to further close down his Hawkesbury training base, reduce his Melbourne stable capacity from 50 horse to 25, and concentrate his racing interests with stables at Randwick in Sydney and Canungra, near Brisbane.

"In Melbourne, the focus will be on two- and three-year-olds."

Tinkler then admitted that if someone offered him the right price for his thoroughbred empire, he would consider selling it all - just like Bob Ingham did in 2008 when Darley paid a reported $700 million to buy his entire racing and breeding operation.

"I'd consider selling, and I'd also very much consider a partner," he explained. "In particular, a Chinese partner because the racing industry worldwide needs China to embrace the racing industry.

"If it does, then racing would become part of the world's biggest economy and that would be good for the sport globally."

There were reports Tinkler was trying to off-load his racing and breeding interests to an oil-rich Arab sheik earlier this year. Tinkler was reluctant to talk about the details but had a slightly different take on the issue yesterday.

"I wouldn't sell it to him," he said. "I don't think Australian racing needs more sheiks. Australian racing needs characters and people they can relate to, not more faceless foreign owners."

When I asked him about his football interests and whether he wanted to sell his stake in NRL's Newcastle Knights and the A-League's Newcastle Jets, Tinkler said he was in both clubs for the long haul.

"That is a completely different thing," he said.

"Both clubs are very close to my heart, they are community-based, and I don't need to have a lot to do with the clubs. There are no financial issues with either club, they are safe and secure, they are all fine.

"Racehorses take management, man-hours, lots of people, all those sort of things.

"Fortunately, there is no manes on most of those footy players so they can think and speak for themselves.

"The footy clubs are a much easier business to manage - horses is just massive, the money is massive, everything is just too hard."

Tinkler's financial woes seem to make the business pages almost on a daily basis but the man himself once again has a different take on the issue - and had the media in his cross-hairs.

"There has definitely, absolutely, been a spirited media campaign to get me," Tinkler said. "It does **** me off but I just brush it way, I've got broad shoulders.

"But some sections of the media treat me like I was Christopher Skase, breathing through a mask, sitting in a wheelchair in Majorca.

"I never run from anybody, everyone always gets paid.

"I would say the noisy few have made a lot of people nervous and there is no need to be."

Tinkler sent more than 200 broodmares through a Gold Coast sale ring this week as he went about rationalising his thoroughbred business.

He denied the sell-off was because his thoroughbred racing and breeding empire was bleeding financially.

"Earlier this year, one of my staff told me that I was going to have 1800 horses shortly," Tinkler said.

"I just said: 'Mate, what?'

So, this sale was designed to get the numbers back to 1500 horses.

"I believe a more sustainable level is about 800 to 900 horses. "This is a bad time to be selling but we have so many foals hitting the ground we had to do something.

"We will have a lot of yearlings to sell next year and we will be selling at the tried horse sales, too.

Tinkler pointed out every large racing and breeding operation needed to cull some of their stock each year.

"Darley disposes of horses constantly but we tend to evaluate our business every nine months or so," he said.

"I was happy with the results of the sale and thank the buyers who came."

John Thompson trains exclusively for Tinkler - with the obvious exception of super colt All Too Hard, who is prepared by John Hawkes and his sons, Wayne and Michael,

"I've got to say 'Thommo' is going terrific," Tinkler said. "What can you say about a guy who has delivered me a couple of hundred winners for the last couple of years.

"He puts up with all this '****' in the media but he gets on with it, does his job. He's not just a great trainer, he's a great person and I love him like a brother.

"As for 'Hawkesy', there is two blokes with a short fuse so if it wasn't going to work, it wasn't going to work early.

"But he knows his stuff, he's a great guy and I have no problem with him."



Staff turn as Tinkler's cash woes hit stables

DateNovember 6, 2012
Tom Reilly, Paddy Manning [CENTER] Unable to pay ... Nathan Tinkler's horses have been forced to go without feed. Photo: Nic Walker
IT WAS a stunning admission: the moment Nathan Tinkler's public relations campaign to play down his financial troubles was undone by one of his most trusted lieutenants.
The former mining magnate's private horse racing trainer, John Thompson, revealed his stable of Mr Tinkler's horses had been forced to go without feed because the group was unable to pay suppliers.
''I've gone weeks without vets, farriers, bedding and ran out of feed a number of times,'' Thompson told Sky Sports Radio on Sunday.
As if admitting to being unable to care for Mr Tinkler's horses properly was not enough, Thompson also confirmed racetrack rumours that Mr Tinkler's racing and breeding company, Patinack Farm, had been kicked out of its Hawkesbury private training facility because "the owner of the property just got sick of us being late with our rent".
But Fairfax can reveal it is not only Mr Tinkler's gallopers in training that have gone without feed. Last month his vast Hunter Valley stud farm also had to make do without its regular supplies of feed.
Staff on the 1497 hectare property, home to about 500 horses, including brood mares, yearlings and foals, were forced to let many of the horses feed on grass alone.
Among those that went without feed were brood mares and yearlings which had previously been fed every day. Mares and foals kept in stables and small enclosures were also given reduced rations in an effort to make the farm's supplies last.
"We've had some really difficult times. The staff have been pulling their hair out in frustration some days," one member of the team told Fairfax on the condition of anonymity.
"Everybody here has a commitment to the horses and it's upsetting when you can't give them the basic treatment that they deserve.''
Patinack staff have also told Fairfax the farm ran out of fuel for its quad bikes over the weekend.
The timing of these revelations, and Thompson's comments, could not be more embarrassing for Mr Tinkler, who has four horses running at Flemington on Tuesday.
Only last week the 36-year-old said the host of recent negative stories about him and his companies, including claims from suppliers and contractors that they have not been paid, as well as workers not having their superannuation paid for more than a year, were part of a media crusade against him.
''There has definitely, absolutely, been a spirited media campaign to get me,'' Mr Tinkler said. ''It does piss me off but I just brush it away. I've got broad shoulders.
''But some sections of the media treat me like I was Christopher Skase sitting in a wheelchair in Majorca.''
And last week was a bruising one in his business dealings. An attempt to challenge the board of Whitehaven Coal, in which his wealth is tied up, ended ignominiously when none of the other main shareholders backed him in voting against the company's remuneration report.
If he had succeeded in that ''first strike'' against the board under the corporations law, a second 25 per cent vote next year would trigger a spill of directors. Mr Tinkler, who opposed all resolutions put to the meeting, fell just short of the required margin against the report needed to register a 'first strike' against the board under corporations law.
His 19.4 per cent stake in Whitehaven was worth $1.1 billion in April but only $568 million based on Monday's closing price of $2.89.
Mr Tinkler is known to have borrowed significantly against the stake, with corporate filings indicating a maximum total liability of up to $638 million largely consolidated with the long-time backers Farallon Capital.
Meanwhile, Mr Tinkler's private company Mulsanne Resources is scheduled to appear in the NSW Supreme Court on Tuesday morning over a $28.4 million share placement in the listed coal junior Blackwood Corporation.
There are hopes the dispute may be settled on the court steps, as were recent disputes between Tinkler Group entities and subsidiaries of the developer Mirvac (about $17 million) and the contractor Sedgman (about $2 million).
A spokesman for Mr Tinkler said Patinack Farm had never run out of feed.
Meanwhile, Fairfax understands Mr Tinkler has informed Thompson of his displeasure over his comments about Patinack's financial struggles.

Read more: 


Fortunately the Knights don't come under the control of Patinack, nor do they live in stables.[violin] 


Nathan Tinkler close to deal over Hunter Stadium

By Barry Toohey
Newcastle Knights NRL coach Wayne Bennett (L) with Hunter Sports Group owner Nathan Tinkler (R) at Hunter Stadium.

NATHAN Tinkler's Hunter Sports Group and the state government are believed to be close to signing a new licence agreement that will secure the future of the Newcastle Knights and the Newcastle Jets at Hunter Stadium for the next decade.

Negotiations over the use of the stadium have dragged on for more than 12 months, with the government and Tinkler playing hardball to get a deal over the line that is agreeable to both parties.

It is understood that agreement could be finalised within the next few weeks.

Multi-millionaire Tinkler has come under fire in recent months for not meeting rent deadlines for the use of the stadium by the Knights league side and the Jets soccer team.

A $500,000 payment was due at the end of last month but the deadline was not met. It is understood a $300,000 payment was made the following day.

But HSG spokesman Richard Fisk claimed yesterday payments had been deliberately held back in a bid to fast-track negotiations.

"It has been a frustrating eight months for all concerned but we are getting very close to finalising a deal," Fisk said.

"It has dragged on and the reason we have held back some rent payments was to give us some bargaining power in bringing the negotiations to a conclusion.

"Hopefully, we can now get it done." 


Not good. Hopefully this isn't going to cascade onto his other holdings.

I read the other day that Patinack had settled it's direct racing debts by having some decent sized winnings withheld. 


is that your phone Knitey? It needs to be recharged :lol: 

knitey you!:D

But no, it is not my phone. 


Yes, it's easy to understand that these are separate entities, and provided the company structures are sound ( they always are ) there is no direct effect.

What is a little harder to define is how this looks to his other creditors, there is little doubt Tinkler has cashflow problems, his main assets have depreciated signifigantly and are reported to be worth less than his debt, this is a problem because he can not sell assets that are secured by debt without renegotiating the debt. And the costs of servicing his debt don't decrease yet his income does. ( assuming the share price is a reflection of future actual or potential earnings, which it most allways is )

This would be Akin to owing more on your mortgage than your house is worth, meaning if you sell, you still have to come up with the difference, it's not really a problem as such, as long as you don't have to sell, and with a mortgage, as long as you meet your repayments, you'll be right.

But, corporate debt is different, it will usually be due over a much shorter period, 3-5 years is common. when the debt falls due, you pay or renegotiate further terms. From what I can gather, this is where it could cascade accross other holdings, as in order to refinance, security will need to put up, or a much higher rate of interest charged. If he doesn't have the collaterall to cover the debt, the creditors could get antsy, sell him up, and cut their losses.

Again, this doesn't neccesarily affect Hunter sports, but it would dramatically affect his ability to tip in further funds if required, and Nrl and A-league clubs are a damn expensive business to be in. 


Patinack goes into administration , probable liquidation. 


Poor Tinkler, everything is turning to custard for him.... least he won't lose his last $, the Knights members will give him that to buy the club back. 


THE high-flying former billionaire Nathan Tinkler has been grounded, with receivers taking possession of his private jet and helicopter.

As speculation continues to mount over Mr Tinkler's financial future, the Sydney receiver Taylor Woodings confirmed the troubled entrepreneur had left the private jet set, with his Dassault Falcon 900C impounded in Singapore and his Agusta A109S helicopter in Brisbane.

Mr Tinkler, who an insider said ''loved the jet like a child'' and ''used the helicopter like a taxi'', refused to comment on Tuesday.

Illustration: Rocco Fazzari
Taylor Woodings was appointed by the creditor GE Commercial Australasia on November 23 as receivers of TGHA Aviation.

It is believed the jet and helicopter, valued at up to $40 million and $7 million respectively, were the only secured assets of the company that had no staff.

Earlier this year Mr Tinkler was reported to have been traversing the globe in his jet, which is fitted out with Italian leather seats, a bar and a conference room, in a frantic bid to secure finance to save his crumbling business empire.

He has been under severe financial pressure. He was recently reported to be at risk of losing control of his primary asset, a stake in Whitehaven Coal, if he failed to meet a ''liquidity event''.

The jet, registration VH-LUL, is French made, can seat up to 19 people and is the same model used by the Russian President, Vladimir Putin, and the government of Qatar.

The helicopter, with registration VH-TNX, seats up to seven people and is used by the Royal Oman Police.

Mr Tinkler and his right-hand man, the Hunter Sports Group chief executive, Troy Palmer, are the directors of TGHA Aviation.

A Taylor Woodings partner, Nathan Landrey, said the aircraft had not been valued.

''We are in the process of doing an initial review of the business and its assets,'' Mr Landrey said. ''We are in discussions with the company … the [aircraft] is secured and will remain in the possession of Taylor Woodings.''

Two of Mr Tinkler's companies, Patinack Farm Administration and Mulsanne Resources, are in liquidation. Two others, Tinkler Group Holdings Administration and Queen St Capital, also face wind-up applications.

The Deputy Commissioner of Taxation has been given until December 10 to replace the NSW Chief Commissioner of State Revenue as petitioning creditor against Tinkler Group Holdings.

Lawyers lodged an application in the Queensland Supreme Court last month to wind up Queen St Capital. The matter will return to court on December 12. 


Luckily the previous management of Newcastle had the foresight to negotiate a bank guarantee as a condition of takeover...Newcastle members should be thankful of that. 


Wasn't the jet and 'copter part of the reason Bennett signed with the Knights? So he could regularly visit his family? Or was that just a story made up to entertain people like me? 


TROUBLED billionaire Nathan Tinkler's ownership of the Newcastle NRL team is under threat due to a standoff with the Knights Members Club board over the terms of his $20 million bank guarantee.

In the same week that Tinkler had his $15 million private jet and a helicopter re-possessed, News Limited has learned Hunter Sports Group has asked for an independent audit of the Knights, which was due to be completed by next Saturday, to be pushed back to February 15.
But the Knights Members Club board have refused to comply unless Tinkler extends his $20 million bank guarantee - due to drop to $10.3 million on January 1 - across the same time frame.
"There's a lot of concern in Newcastle and the Hunter community. The Knights Members Club board are being asked to stay vigilant and alert," Knights Members Club board chairman Nicholas Dan said.
"We want to make sure the bank guarantee stays at its highest until they've finished the independent audit obligations, but HSG have a difference of opinion there.

"By moving the audit date but not moving the bank guarantee date means Knights members can no longer put pressure on HSG for any funds to be committed if there's a shortfall.
"We're communicating with them just about daily and we're pleased that the auditing process is commencing."
The latest development comes as Tinkler's empire continues to crumble, with horse racing arm Patinack Farm and another company, Mulsanne Resources, placed into liquidation.
And last Thursday, the NSW Government launched legal action against HSG over $600,000 in unpaid rent for Hunter Stadium.
Under the terms of Tinkler's 10-year $100 million privatisation deal, HSG guaranteed the Knights Members Club would be supplied with an independent audit on December 15 each year.
Failure to do so is a breach of the contract, but Newcastle chief executive Matt Gidley denied Tinkler's tenure as owner was under fire.
"Obviously (Tinkler's) had a number of issues in his own business world through the course of this year, but it sort of gets washed over the amount of investment he's poured into our club," Gidley said. "To have someone like Wayne Bennett ... without Nathan Tinkler there's no Wayne Bennett at Newcastle.
"Having our membership where it is, we were third in crowd attendance this year even though we finished 12th.
"The club is well positioned to really push into 2013 and be a genuine contender. It's important we acknowledge that and enter 2013 focused on the footy and support our team as best we can. We look forward to meeting with the Members Club as soon as possible to find a resolution in order to continue to put the focus back on the club."
News Limited can reveal accounting firm Crosby Warren Sinclair will begin the audit this week, where HSG must make up any shortfall on the promised $10 million in sponsorship and $2.5 million in junior development.
Failure to inject the cash could result in the Members Club calling on the $20 million bank guarantee to be placed into a joint account.
If Tinkler's deal with the Knights were to collapse, the contract of Bennett and all other staff employed by HSG would be placed in jeopardy. 


I'm thinking this is this due to the Knights sponsorship not meeting the 10 Mil and HSG not having the cash to make up the shortfall.

If the Knights call on the bank guarantee, does the bank who holds the guarantee then review it's exposure to HSG and possibly withdraw it?

That could put HSG in an untenable position of not having the cash, and no guarantee of a line of credit.

All hypothetical, but that seems to be where this is heading for mine. 


Oh well, back to being broke...nothing new for the Knights.:( 

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