t-ba
Post Whore
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Creepy isn't it :lol:.
I've been living in Asia for a while now and every time I fly into Singapore I feel like I'm in Gattaca or something. So sterile, so calm, so glass panelled.
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Tinkler group company facing fresh court action over alleged debts
- James Mccullough, Jeremy Pierce
- The Courier-Mail
- September 05, 2012 7:08PM
BEACHED: Nathan Tinkler. Source: The Daily Telegraph
ANOTHER local business owed money by Nathan Tinkler has come out of the woodwork.
Local consultancy and political lobbyist group SAS Consulting is owed $60,000 by Tinkler for services over the past 12 months.
A spokesman today said SAS performed lobbying work for his mining companies but had not been paid.
The group has not taken it to the courts at this stage and was still hoping payment would be made.
Meanwhile a local packaging company Mark Colin Packaging (Qld) Pty Ltd and associated group Promark Packaging Pty Ltd recently filed action in the Brisbane Supreme Court to try and recover $189,900 from Mr Tinkler's Buildev Group, among other parties, over a botched warehouse development.
Tinkler bought into Buildev in 2008 and said the Queensland dispute had absolutely nothing to do with him.
"This happened back in 2006 before Tinkler took over Buildev,'' a spokesman said.
"The entity involved is no longer trading and was de-registered some years ago.''
The spokesman said Mr Tinkler, who is currently in Singapore, had no further comment to make.
The Courier-Mail this morning carried the following story on Tinkler:
HAS the young businessman affectionately known as "the Whale" finally beached?
That was the question yesterday as new creditors came out of the woodwork trying to extract money owed by former Newcastle electrician turned mining entrepreneur Nathan Tinkler - a man who at his peak was worth a reported $1.1 billion.
Tinkler's extensive coal, property, rugby league and horseracing empire edged closer to the brink of collapse after Queensland coal explorer Blackwood confirmed it would pursue Tinkler in the courts for $28.4 million owed from a promised equity placement.
The giant Mirvac property group also confirmed yesterday that it was taking Tinkler's Buildev group to court to recover $17 million from a failed property deal over industrial land at Newcastle, which was to have been part of a failed coal shipping terminal.
At the same time there were calls yesterday for Tinkler cash from people associated with his racing empire, Patinack Farm, surrounding merchants near his stables in Queensland and his precious Newcastle Knights National Rugby League team.
Tinkler became the owner of the Knights last year, and was hailed as the club's financial saviour, with his dollars helping lure Wayne Bennett from the Dragons to coach the team.
Tinkler's Patinack Farms are believed to have run up hundreds of thousands of dollars worth of debts in Canungra and Beaudesert.
One business owner - who is owed thousands, but did not wish to be named because he still hoped to recover some of his money - described the situation as "a nightmare".
"It would go for three or four months without paying bills and then the business would shut his account and he would just go somewhere else and do it all again," said one local trader.
"When he first came in to town, everyone thought he was a hero and we were all going to get steady income out of him. But it has been a nightmare."
It is believed several contractors who worked on the Patinack Farms estate are still waiting to be paid months after finishing their work.
Patinack management did not return calls to The Courier-Mail yesterday. Tinkler was in Singapore and not returning calls to his mobile.
His Sydney spokesman Tim Allerton of City PR said he had "no comment to make" and doubted he would be saying anything further later this week.
His reluctance to talk comes as a growing number of investors, staff and creditors are becoming increasingly concerned about his financial credentials. Nathan Tinkler burst on to the Queensland corporate scene in 2008.
He made his money in 2007 when he and his father Les sold their Bowen Basin mines to Macarthur Coal for $275 million.
He floated his major company Aston Resources in August 2010, although the bourse debut was less than spectacular.
His major investment today is his 21 per cent stake in 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.
He tried unsuccessfully to privatise Whitehaven in an ambitious $5.25 billion deal which never got off the ground. A slump in coal prices has also impacted on Tinkler who has substantial debts secured against his stake in Whitehaven stake.
"Everything is leveraged," one analyst said last night of his worsening plight.
You're an idiot. Brisbane has a bigger base and a much bigger entity behind them and even they can't be a superclub in the 21st century.
