Nathan Tinkler relinquishes ownership of the Newcastle Knights

[Perth Red]

Great another tinkler thread!

 

[rnb11]

Lol so nothing for the past month or 2 when the shares have been up but now they've dropped again the Knights are in crisis? Fmd. Tinkler isnt going to go bankrupt and the Knights will remain in the best position they've ever been in. Bloody embarrassing the way kmav goes on with this.

 

[cleary89]

Meh, if shit hits the fan knights buy back the club for $1 and get 10m for their troubles. Every knights fan who was putting shit on the old management who safw guarded them got for this owes them a headie. Doesnt matter much thanks to them.

 

[Silent Knight]

I understand people in South Australia are a bit slow. Has the news reached you that he has bought an NRL club?

An NRL club owner has debt that significantly outweighs his assets. His shares are sliding down hill.

When 3 months ago his fanboys were saying all will be right because his shares were undervalued and they'd start climbing any day now.

3 months later and they're even lower. Just like I told them.

This is significant to the NRL. Someone that conducts themselves the way he does is not a good look for the NRL.

Khoder Nasser and Nathan Tinkler. The biggest germs in rugby league.

Thanks for the scoop Goldenrod. I don't know what we'd do without you around these parts

 

[POPEYE]

Thanks for the scoop Goldenrod. I don't know what we'd do without you around these parts

Once the Knights start kicking arse all the flies will revert to buzzing around the salary cap . . . you're never going to be safe from f**kwits SK

 

[kmav23]

http://www.smh.com.au/business/tinkl...312-2fymg.html


Nathan Tinkler has failed in an attempt to prevent a liquidators' examination of himself and three officers of his private company Mulsanne Resources, and will now appear in the NSW Supreme Court on Thursday or be held in contempt and face possible arrest.
On Tuesday Justice Paul Brereton dismissed with costs Mr Tinkler's claim that the examination proceedings had turned into an ''abuse of process''.
Last Thursday, when a solicitor for Mulsanne liquidator Ferrier Hodgson, Clayton Utz partner Jennifer Ball, sent an email offering an adjournment of the first examination hearing, set down for 11am on Friday, if Mr Tinkler could provide evidence he could deliver $15 million in cash or guarantees to Mulsanne's major creditor, coal company Blackwood Corporation.
Blackwood initiated the wind-up over a $28.4 million debt Mulsanne incurred when it failed to complete a share placement agreed last year. The placement was of 94.7 million shares at 30¢ each and would have given Mulsanne a 30 per cent stake in Blackwood, which is 51 per cent owned by Singapore commodities trader Noble Group. Blackwood was the sole external creditor to Mulsanne - three other private Tinkler Group entities were owed an amount of $31,000 - and was funding the liquidator.
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The court heard that a Singapore company linked to Tinkler Group, Cayenne Coal Pty Ltd, had offered to buy up to 100 per cent of the shares in Blackwood at 30¢ per share - valuing the company at more than $55.5 million - subject to debt financing, on condition that the dispute over the share placement agreement would be settled, and there would be no public examination of Mr Tinkler and fellow Mulsanne officers Troy Palmer, Matthew Keen and Aimee Hyde.
Over Thursday Blackwood wrote rejecting the offer but said it was minded to accept a proposal that included the $15 million payment as security. Mr Tinkler's lawyers replied that they were ''happy to try and make this work'', and Friday's 11am hearing was adjourned by consent. By 2pm the abuse of process claim was filed on the basis that Ms Ball was acting for Ferrier Hodgson, Blackwood and Noble and was using the threat of examination to advantage Blackwood.
Blackwood counsel Robert Newlinds told the court there was never a settlement offer from Tinkler Group that was capable of acceptance and the flurry of emails in the lead-up to Friday's examination showed, ''Mr Tinkler wants to do a deal and doesn't have enough money to come up with any offer''.
Mr Newlinds cross-examined Mr Tinkler's lawyer, DLA Piper partner Scott Harris, who admitted under oath that Mr Tinkler was in Singapore last Thursday and was not in Sydney on Friday, even though he had been ordered to appear.
Justice Brereton said: ''The idea that the examination should not take place as part of a commercial settlement emanated not from the liquidator, not from Blackwood, but from the examinees … in those circumstances it seems at least curious that it would be suggested that acceding to such a proposal … would have the effect of converting the proceedings into an abuse of process''.
__________________

 

[t-ba]

I preferred it when bunniesman pretended he had a life

 

[kmav23]

http://www.news.com.au/business/comp...-1226598094835

EMBATTLED coal baron Nathan Tinkler has told a court the debts of his Tinkler Group are about $500 million.
The detail emerged as he appeared before the NSW Supreme Court for a second day of questioning about his finances and the collapse of his mining company Mulsanne Resources.

Under questioning from counsel for Mulsanne's liquidators, Robert Newlinds, SC, Mr Tinkler was asked about the value of shares in his main asset, Whitehaven Coal, and the total debts of Tinkler Group.

While he did not give an answer about the value of his Whitehaven shares, Mr Tinkler said the total debts of Tinkler Group were "around $500 million".

Mulsanne was put into liquidation late last year after failing to pay for a $28.4 million stake in junior coal miner Blackwood Corporation. Mr Tinkler told the court today he did not approach "normal banks" to raise funds for the looming $28.4 million debt because they did not understand his business model.

"Its just out of the question for me to deal with normal banks," he said. "They don't understand how I create wealth."

Mr Tinkler previously told the court he had three properties worth nearly $20 million in total which could have been used for security in the Blackwood share purchase.

However Mr Tinkler told Mr Newlinds that he was unsure if valuations on the houses were ever done.

The court also heard Mr Tinkler received an extension on the deadline to settle the Blackwood debt and that he had been in discussions with Noble Group director Will Randall about the sale of a coal royalty to Noble to help provide funds.

Mr Tinkler said he travelled to New York after the initial deadline for the debt had passed for talks with financiers because he was "starting to lose faith" in Noble buying his royalty. The court has heard that the sale of the multi-million dollar royalty from the Middlemount mine in Queensland was central to Mr Tinkler's plan to fund the Blackwood deal.

However he has denied falling out with a former business partner, Matthew Higgins, who is suing him over the coal royalty.

Mr Higgins sued Mr Tinkler in December 2012 over a dispute about the distribution of the royalty. But Mr Tinkler today played down any suggestion of a rift with Mr Higgins by revealing the pair had breakfast together that morning.

He said despite not having agreement from Noble to buy the royalty, or agreement from Mr Higgins to sell his share to Noble, he was "absolutely" confident the deal could proceed with just three days to the deadline.

"We've pulled deals together in that sort of timeline previously so I was pretty relaxed," Mr Tinkler said.

__________________

 

[Slackboy72]

Lets see ... $460 million minus $500 million equals ... oh dear...

 

[Apey]

*David Attenborough voice*

Here we have, the lonely man.

The lonely man is desperate for attention... he has no friends, no encouraging prospects, and unfortunately he's just not very bright. In fact, he is so dim-witted that he could quite easily be outwitted by a hamster, even by one who is past his prime. The lonely man must seek attention to survive, be it positive or negative. If he doesn't he will be sure to die, or at least, assumed dead, because nobody gives a hoot about him. Today I am giving him enough attention that he should be able to go at least an entire hour without making a complete and utter twat of himself.

Here we see one of the lonely man's best tools in seeking attention; making the same post in three different threads. Unfortunately for the lonely man, it is most likely that at least one of his attempts will be thwarted by a predator. He knows that in his natural habitat the effect of any noise he makes will be dramatically reduced. Thus, he must make the same noise, however boring and repetitive, in other areas that have a suitable level of traffic. You will undoubtedly notice the similarities between this tactic and a young manic child shouting about his most basic of achievements to anybody who will listen.

Nevertheless, sadly, the odds are that the child's achievement is far more impressive than anything the lonely man has done, or ever will do, in his inevitably short and sad lifetime.

It is, most definitely, a life to be pitied.

 

[Perth Tiger]

*David Attenborough voice*

Here we have, the lonely man.

The lonely man is desperate for attention... he has no friends, no encouraging prospects, and unfortunately he's just not very bright. In fact, he is so dim-witted that he could quite easily be outwitted by a hamster, even by one who is past his prime. The lonely man must seek attention to survive, be it positive or negative. If he doesn't he will be sure to die, or at least, assumed dead, because nobody gives a hoot about him. Today I am giving him enough attention that he should be able to go at least an entire hour without making a complete and utter twat of himself.

Here we see one of the lonely man's best tools in seeking attention; making the same post in three different threads. Unfortunately for the lonely man, it is most likely that at least one of his attempts will be thwarted by a predator. He knows that in his natural habitat the effect of any noise he makes will be dramatically reduced. Thus, he must make the same noise, however boring and repetitive, in other areas that have a suitable level of traffic. You will undoubtedly notice the similarities between this tactic and a young manic child shouting about his most basic of achievements to anybody who will listen.

Nevertheless, sadly, the odds are that the child's achievement is far more impressive than anything the lonely man has done, or ever will do, in his inevitably short and sad lifetime.

It is, most definitely, a life to be pitied.

:lol: gold

 

[kmav23]

http://www.news.com.au/business/coa...e-9834-in-201011/story-e6frfm1i-1226598478485

TROUBLED coal baron Nathan Tinkler draws money from a $1.4 billion trust held in the name of his wife, a court has heard.
Nathan Tinkler, the one-time billionaire, also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts.
And he expects to have a similar taxable income for 2011/12.
Tinkler's debts hit $500 million
The structure of Mr Tinkler's wealth was revealed during a liquidator's examination in the NSW Supreme Court today.
Under questioning from counsel for the liquidators of his failed mining company, Mulsanne Resources, Mr Tinkler said he drew his money in the form of tax-free distributions from the Tinkler Group Family Trust, which he said has assets worth about $1.4 billion.
The trust holds Mr Tinkler's stake in Whitehaven Coal, but Mr Tinkler told the court the wealth of the Tinkler Group was "not really'' dependent on the value of Whitehaven shares.
He said other companies in his group held assets, including copper explorer Aston Metals, transport and infrastructure groups Hunter Ports and Hunter Rail, and horse stud Patinack Farm.
The court heard his wife, Rebecca Tinkler, was both the trustee for the trust and the unit holder.
Mr Tinkler was asked how he was able to draw money from the trust if he was not the trustee.
"Your wife gives you money from time to time,'' counsel for the liquidators, Robert Newlinds, SC, asked Mr Tinkler.
Mr Tinkler replied: "I'm very lucky, yes.''
He said he drew funds tax-free from the trust because it had paid around $100 million in tax.
The trust was created in 2007 when Mr Tinkler acquired the Middlemount coal deposit in Queensland.
Mr Tinkler said the family trust had liabilities of about $600 million.

Earlier, he told the court the debts of his Tinkler Group were about $500 million.
The examination continues.

 

[BunniesMan]

The sharks are closing in on the fat grub.

 

[bottle]

The sharks are closing in on the fat grub.

They're just after his left over meds from Paternak.

 

[BunniesMan]

They're just after his left over meds from Paternak.

:lol:

 

[Perth Red]

Nathan Tinkler, the one-time billionaire, also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts.

This is what shts me the most about mega rich people.

 

[Alex28]

That is just smart accounting - also doesn't go close to telling the full story behind what tax the family and related companies pay...

 

[Lockyer4President!]

Nathan Tinkler, the one-time billionaire, also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts.

This is what shts me the most about mega rich people.

Reminds me of a certain Packer quote.

 

[BunniesMan]

There should be a net worth tax for the super rich. If you're worth over say 10 million a % of your net should be taxed. That's a way to overcome clever accounting that reduces taxable income to nearly nothing like in this case.

 

[magpie4ever]

Nathan Tinkler, the one-time billionaire, also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts.

This is what shts me the most about mega rich people.

Sir, on this one you speak for the vast majority of Australians.