Patinack Farms sold

[Nuffy]

http://www.theaustralian.com.au/news/nathan-tinkler-sells-patinack-farm/story-e6frg6n6-1226925164491

Wonder whether he got the money or the banks.

Might not be great news as he might try to hold onto the Knights with it.

 

[Noname36]

The way they were talking on the news tonight it didn't sound like he's going to give it up. Dave Smith was talking about negotiating a plan that "all parties" were happy with.

Ugh. So over this circus.

 

[Rod]

I know a lot of people don't like Paul Kent but I must admit he seems to have his ear to the ground on quite a lot of issues, obviously he's not right 100% of the time but I tend to give more weight to what he says than most other journos.

Anyway tonight on 360 he said most likely scenario is looking like the club will be back in the members hands before too long, the concern at the moment (apart from negotiating a deal) is this $10m-$20m of liabilities that's been racked up that may or may not fall back on the club.

He also said Wayne is keen to stay on for at least next year and is prepared to take a pay cut if need be to do so.

Oh and he also said the people that weren't paid last week or whenever it was that they should have been paid, have now been paid as of Monday night I think it was.

 

[Frederick]

The way they were talking on the news tonight it didn't sound like he's going to give it up. Dave Smith was talking about negotiating a plan that "all parties" were happy with.

Ugh. So over this circus.

I don't understand how Tinkler has a leg to stand on in all this. He defaulted on the terms of the contract, so surely he is legally bound to hand the club over

 

[The Showstopper]

Just some clarity NRL. Please. No signings. No news on the coach. The good news I feel the players are ready to give it their all from now on. The performance against Manly was excellent. Our best by a million miles this year.

 

[Baron Vo Mandor]

This closed door BS is just disrespect towards fans and especially members that forked out big bucks.

 

[Burwood]

I don't get the feeling that Tinkler is particularly looking to retain any ownership of the Knights. I think the biggest sticking point in negotiations between the Members club and HSG is the ~$20 million debt.

Wouldn't be surprised if Tinkler is playing hardball and threatening to take it to court if he isn't absolved from the debt, or if the $10million bank guarantee can't be used to pay off the lion's share of it (which is not what the guarantee was intended for).

 

[Alex28]

If this is true then he is done:

http://www.dailytelegraph.com.au/sp...n-tinklers-phone/story-fni3gf5j-1226927448766

Can anybody explain to me how a business which would incur maybe $15 Million in expenses a year, and has $10 Million in guaranteed sponsorship income and passes an independent audit every year could possibly have $20 million in debt? Can't be possible.

 

[cram]

If this is true then he is done:

http://www.dailytelegraph.com.au/sp...n-tinklers-phone/story-fni3gf5j-1226927448766

Can anybody explain to me how a business which would incur maybe $15 Million in expenses a year, and has $10 Million in guaranteed sponsorship income and passes an independent audit every year could possibly have $20 million in debt? Can't be possible.

Just posted this as a separate thread as I did not see this. Yes, if true the blokes a grub.

 

[Nuffy]

I suspect that the debts are with HSG but HSG has no assets beyond the Knights and Jets so the only way that the Knight can be clear of HSG creditors is if the debts are clear.

So realistically, the Knights might need to assume the debt to become independent again. Otherwise the secured creditors will own them.

They could roll the dice anyway.

 

[Nuffy]

If this is true then he is done:

http://www.dailytelegraph.com.au/sp...n-tinklers-phone/story-fni3gf5j-1226927448766

Can anybody explain to me how a business which would incur maybe $15 Million in expenses a year, and has $10 Million in guaranteed sponsorship income and passes an independent audit every year could possibly have $20 million in debt? Can't be possible.

The critical piece is the guaranteed sponsorship, HSG would have been borrowing to top this up, Hunter Ports is a shell company, so they have the liabilities and no assets beyond the Knights and Jets.

In that instance the. Knights would pass an audit with flying colours but HSG would be the basket case.

Tinks probably thought that his next big deal would provide the cash to clean up the HSG mess.

 

[Alex28]

If any of the debt is to a Tinkler company, that isn't debt. That's one of his obligations.