Tinkler woes continue as companies face wind-up orders
Tuesday, October 9, 2012/
Three companies owned by troubled mining billionaire Nathan Tinkler have had wind-up orders made against them in the Queensland Supreme Court, in yet another frustrating development for the prominent investor’s empire.
The past month has been a disaster for Tinkler, who was booted from the top of the BRW Rich List mainly due to a decline in commodity prices. Property groups Mirvac and Blackwood Corp have also made legal threats against Tinker’s companies for failing to make payments.
A spokesperson for the Tinkler Group declined to comment this morning.
Mining contracting group Sedgman has made three wind-up applications against Tinkler Group Holdings, Hunter Ports, and Bolkm. The applications were made last month, but the hearing dates are set to for October 15 and October 22.
The Tinkler Group was contacted this morning, but declined to comment.
Sedgman chief financial officer Ian Poole has also claimed the company had reached a schedule with the Tinkler companies for payment of $2 million relating to a coal project that was eventually rejected by the New South Wales Government, but that this timetable wasn’t met.
“We have lodged our application,” he told Fairfax. “This is really a commercial negotiation between ourselves and Tinkler.”
The wind-up applications come after Tinkler missed a court-ordered deadline to pay $17 million for land usage in the same project to Mirvac. Both Mirvac and Tinkler’s Buildev Group are set to hear out their case in court later this month.
A separate dispute with building group Blackwood is also underway, with the company claiming Tinkler’s Mulsanne Resources owes it $28.4 million.
While much of the attention on Tinkler’s finances has been focused on his various private companies, his 21.4% stake in Whitehaven Coal has also attracted speculation. He attempted to launch a $5.25 billion takeover in August, but failed to raise finance.
Tinkler also tried without success to sell his horse racing and breeding interests for $200 million.
Speculation continues over Tinkler’s debt, with reports placing it as high as $697 million, although Tinkler spokespeople have stridently rejected that figure.
Tinkler’s fortune is now valued at $400 million, down from $1.1 billion earlier this year. He is now in second place on the BRW Young Rich List.