Nathan Tinkler relinquishes ownership of the Newcastle Knights

[kmav23]

At 53 cents a dividend, and on the basis he still owns the 216,589,946 shares that he did in the 2012 financial report, there is around $115 Million in income to help service the debt - probably around double the interest that he is being charged on the loan (even at 10% which I doubt he is being charged there is more than enough to pay interest).

Might be a bit more interesting this year though...can't see the dividend being that high this year.

At some point the share price will reflect the price of coal and the short sellers will have to find something else to target. His fortunes will recover on that basis. Just a matter of when...

he blew 300 million on stupid horses....

newcastle will have to take tinkler to court to get your 20 million lol

so tinkler's company said they did not pay rent as they want to use that to bargain a new agreement.

WTF who does that ?

so tinkler trying to screw the govt and taxpayers......



http://www.theherald.com.au/story/1170164/stadium-debt-action-against-tinkler/

THE NSW government has launched legal action against Nathan Tinkler’s Hunter Sports Group to recover almost $600,000 in unpaid stadium rent for the Newcastle Knights, after saying it had a responsibility to protect taxpayers’ money.


HSG, the owner of the Newcastle Knights and Jets, is the latest in a list of Mr Tinkler’s companies facing legal action over unpaid debts.

A spokesman for Sport and Recreation Minister Graham Annesley said yesterday that ‘‘legal recovery action has commenced’’.

‘‘Venues NSW has been instructed to take whatever action is necessary,’’ he said.

The latest instalment in the saga between HSG and state body Venues NSW, could see the owner of the Hunter’s flagship sporting clubs facing a wind-up application. HSG has failed to meet several key payment deadlines and was served with a letter of demand for some of the debt by the government in September.

Venues NSW chairman John Quayle said yesterday the stadium manager had been unable to negotiate a resolution.

‘‘HSG has continued to claim the debt will not be paid until a new hiring agreement [for Hunter Stadium] has been finalised, this is despite HSG last month defaulting on a legally binding agreement to pay the agreed outstanding amount,’’ he said.

‘‘The debt is not, and has never been, legally tied to a new hiring agreement.’’

It is understood that the initial debt, for the Knights stadium hire and catering, was $883,000.

A further $400,000, believed to be for returfing the stadium, remains in dispute.

HSG agreed to pay a $500,000 instalment on October 31 but missed that deadline. The next day, after being contacted by the government, HSG deposited $300,000 and agreed to settle the outstanding amount by November 21, but no money has been received.

Shadow minister for the Hunter Linda Burney said sporting fans needed the matter finalised: ‘‘This impasse needs to be resolved as soon as possible – in the interests of providing certainty to Knights and Jets fans.’’

Last month HSG spokesman Richard Fisk was reported as saying payments had been held back in a bid to fast-track negotiations for a new 10-year lease agreement for Hunter Stadium.

‘‘The reason we have held back some rent payments was to give us some bargaining power in bringing the negotiations to a conclusion,’’ he said, adding that negotiations had been ‘‘frustrating’’ but the deal was close to being finalised.


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HSG joins fellow Mr Tinkler’s companies facing legal action over debts. His private jet and helicopter have been repossessed by a receiver appointed to his aviation company, TGHA Aviation.

Two of Mr Tinkler’s private companies, Mulsanne Resources and Patinack Farm Administration, are in liquidation and another two companies, Tinkler Group Holdings Administration and Queen St Capital, are facing wind-up applications.

In May, Mr Tinkler’s largest asset, a 19.4per cent stake in Whitehaven Coal, was worth more than $1billion. After the coal price collapse, those shares are now worth around $600million, but there has been much speculation about how much money he may owe to lenders.

The Herald tried to contact Tim Allerton, a PR spokesman for Mr Tinkler, but received no response last nigh

 

[kmav23]

Small business and tradies have Buckley's of getting their money.

You need to have the cash to take the big guy to court.

His trying to screw the knigts as well

http://www.foxsports.com.au/league/...eat/story-fn2mcuj6-1226533019806#.UNfoSG-Tzng

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.

 

[Cletus]

At 53 cents a dividend, and on the basis he still owns the 216,589,946 shares that he did in the 2012 financial report, there is around $115 Million in income to help service the debt - probably around double the interest that he is being charged on the loan (even at 10% which I doubt he is being charged there is more than enough to pay interest).

Might be a bit more interesting this year though...can't see the dividend being that high this year.

At some point the share price will reflect the price of coal and the short sellers will have to find something else to target. His fortunes will recover on that basis. Just a matter of when...

That was a special dividend because Tinks needed some cash, they won't be doing that again.

 

[Alex28]

Matchball - not much tax to be paid if you don't turn a paper profit.

Cletus - I did say on current dividends he can service debt, and that I doubted in future years it would be that high...

 

[Munky]

That 115 million will be halved when taxed. Wont even cover the interest.

He needs a miracle to survive this.

If the dividends are fully franked and the shares are held by a resident or non resident company not Tink's individually the holding company won't pay a cent in tax as fully franked dividends are tax neutral to a company.

Unfranked dividends would have 30% withholding tax on being paid to a Singapore resident.

So the income won't be halved by tax, 30% at worst.

 

[attila_the_gorilla]

How do you get dividend without profit?

 

[Alex28]

Whitehaven made a profit, however even if they made a loss if they have retained profits they can still pay a dividend.

 

[Munky]

How do you get dividend without profit?

At 30 June 2012 Whitehaven had retained earnings of $181 million and paid up share capital of $3.1 billion, cash assets of $513 million and net current assets of $176 million.

If required they would be able to pay out cash through a dividend or make a capital return. Of the $176 million in net current assets that could be paid out in cash Tink's stake would be worth $37 million. That said they only have $15 million in franking credits so of the $181 million in RE they would only be able to be pay a dividend that is 20% franked so Tink's would be looking at an effective tax rate of about 24%. So remainder after withholding tax would be about $28 million.

This is all very basic calculations and based on the 2012 annual report and Whitehaven's financial position may have deteriorated since then.

 

[Matchball]

Happy New Year gift is the bank guarantee halved. What a stalling scumbag.

All aboard the knightanic.

 

[Alex28]

Not until the audit is complete and we get a chance to take what he is supposed to pay in sponsorship last year and what he was supposed to pay in junior development. The Bank Guarantee was always to reduce to $10 Million from that point - that's what we originally agreed to.

You guys seem well versed in using google - why have so much difficulty in getting the most relevant information? Kmav was quoting a 2 week old article prior to the members club met to discuss the audit. I'd stop relying on him as your reference...

 

[Loudstrat]

Loudstrat - we have no proof as to what Tinkler and Mirvac settled for. Mirvac might have settled for less on the basis of Tinkler tying it up in courts for years. All the article says is the two parties agreed on a figure, but t said nothing about Tinkler actually paying it!

You didnt have a problem quoting that same article as PROOF that Tinkler has paid for something in the last 6 months.

Shows how naive you are. Business doesn't work as simplistic as you think it does - just because someone owes someone else a dollar does not always mean they will end up with that dollar back.

Which proves my point. There is no proof that Tinkler will pay the ATO or HV whether he has the money or not!

Matchball - not much tax to be paid if you don't turn a paper profit.

Irrelevant - he does owe the ATO so during that period he must have earned something - otherwise they would not be chasing it through the courts.

 

[Alex28]

Mate - it's BAS tax owed - as in the GST collected on behalf of the government. It isn't income tax - their financial year only ends 31 December so at this moment their tax position isn't clear.

Doesn't make it any better that it is GST, but there is many forms of tax collected off business....

 

[Loudstrat]

Doesnt matter what tax it is. He has to f*cking pay it!!!!!

 

[Alex28]

Which he has said he will do. If he doesn't by February, then take him to task.

 

[Loudstrat]

Why not now - or before now? What's going to change in January?

 

[Alex28]

The court hearing to wind up the companies isn't until February. They pay it before then, the companies don't get wound up. Pretty simple.

What happens in January? He comes up with the cash and pays it. Again, simple economics mate.

Why didn't he pay it before then? I'd suggest cash flow issues. Whilst he has to keep the club funded, not getting audited (and therefore not knowing how much he has to pay to meet his obligations) until the middle of the offseason is kinda useless.

 

[Loudstrat]

We all know it is cash flow issues - that's more obvious than Laurie Daley's toupee. The next question - what is he doing to resolve his cash flow issues? Anything?

 

[WayneBennett]

Laurie has a toupe ?????????

 

[Loudstrat]

In his late Raiders days his hairline was receding quicker than a hard on at a Gina Reinhart porn fest. Now he's got the coolest fake hair I have ever seen! he reminds me of Sterlo's Yeah Yeah film clip

 

[Ulysseus]

Laurie has a toupe ?????????

I too also give more of a f**k about this than the original purpose of the thread.