Think the damn communists at the abc will turn what should e a celebration of our overlord into a vicious and vile attack.
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Think the damn communists at the abc will turn what should e a celebration of our overlord into a vicious and vile attack.
Part 1Quote:
Nathan Tinkler: Admired by some, disliked by many
Nathan Tinkler, the working class bloke who became a billionaire, would be admired if it was not for his behaviour along the way.
Clarendon lies on the Richmond railway line about 65 kilometres west of Sydney. It is a sleepy hamlet: home to not much apart from the Hawkesbury Race Club, a pub and a couple of horse studs.
On December 3 2010, the tranquillity of a summer evening at Clarendon was broken by an explosion and the sight of flames.
At a horse stud behind the race course, a large transporter used to move thoroughbreds was burning. Torched, it appears.
Police never found the culprit, though there would be no shortage of suspects; the horse float belonged to Patinack Farm, the racing empire of Mr Tinkler, Australia's youngest ever billionaire.
Mr Tinkler is the kind of man that most Australians would love to love - a big bloke of humble origins who loves football, fast cars and a punt.
An electrician from the coal mines of the Hunter Valley in New South Wales – a "pit leco" in the tradies' parlance – who ended up owning mining companies. A chap who backed his judgement, took risks, and made a fortune.
Instead, Mr Tinkler is perhaps one of the least trusted men in corporate Australia. Admired by some, disliked by many.
"You would need a psychiatrist to understand Nathan," a former senior executive at one of Mr Tinkler's businesses told Four Corners.
"Paranoid" is another word routinely used by insiders to describe the mining speculator, who also has a reputation for surrounding himself with good people then "falling out of love" with them.
Many employees of Mr Tinkler's enterprises have had the experience of being sacked and frogmarched out the door, sometimes by former elite soldiers of the SAS he uses for security.
Mr Tinkler can be coarse and abrasive. He is well known for sending expletive-laden emails and texts to business associates when unhappy.
One former employee Four Corners spoke to suggested to Mr Tinkler that they catch up for coffee.
Mr Tinkler texted back: "No thanks. Ur just another c*** that I give an opportunity to, wasn't up to it and dogged me everywhere so f*** off. I check the paper for your funeral notice you f**** deadbeat."
"F****** deadbeat" appears to be a favoured phrase.
Serial debt delinquent
In the rough and tumble world of Australian business, colourful language can be forgiven - even exalted. But welching on deals cannot.
What has most sullied Mr Tinkler's reputation is that he habitually treats debts not as an obligation but as something to be delayed or avoided.
Four Corners uncovered that, from his earliest days in business, Mr Tinkler was a serial debt delinquent.
In the mid-to-late 2000s, when he was fresh out of the mines and virtually unknown, at least five creditors gained court orders against Mr Tinkler for unpaid bills.
Those creditors included the Commonwealth Bank and the Coolmore horse stud, which had a stallion "service" one of Mr Tinkler's first horses, Subtle Miss.
Sometimes the amounts owed were trivial. Singleton Council had the repo men called in on Mr Tinkler over a $1,400 debt, presumably for unpaid rates, obtaining a Sheriff's Office order allowing the council to repossess the contents of his home.
Among the schedule of goods listed to be seized were "1 x Hoover dryer", "1 x Sideboard; wooden, 4 drawers" and "1 x 3 seater cream check Lounge", "1 x LG Golden Eye TV - approximately 58cm".
The contents of the garden shed were not spared either, with a seizure order for the lawnmower and the whipper-snipper.
All this pales compared to the crowning ignominy.
Tinkler defaulted on mortgage payments
Until now, few have known that in mid-2004, when he was 28, Mr Tinkler and his wife Rebecca lost their home.
The Tinklers had bought the house at Clydesdale Close in Singleton, New South Wales, in January 2003.
It was not long before they defaulted on the mortgage payments and, within 18 months, Members Equity, a large non-bank lender, foreclosed, gaining a court order on June 17.
he Tinklers were saved from the ultimate blow of eviction and allowed to offload the property in a forced sale in July. It fetched $420,000.
Their next known address was at Coolibah Street, Muswellbrook, the home of Mr Tinkler's father Les. It seems the young couple had to bunk down at the in-laws.
What is almost incredible is that just five years later, Mr Tinkler would be on the BRW Rich List, with a net worth of more than $400 million. It was rags-to-riches on steroids.
Four Corners can only surmise why Mr Tinkler was so cash-strapped he could not meet the mortgage repayments.
But it is worth nothing that, about the same time, he and business partner Matthew Higgins had set up their first venture, Custom Mining - a labour hire company that supplied skilled tradesmen to the mines.
It was the vehicle they later used to purchase Middlemount, an undervalued coal lease in Queensland's Bowen Basin, in a deal that would ultimately make Mr Tinkler rich beyond most peoples' imagination.
Was the entrepreneur not paying his bills while obsessively pulling together funds for his first business play? It's highly likely: Mr Tinkler would repeat the pattern time and again during his career, betting all on his next big gamble.
"Nathan, you're like someone who goes to the casino and puts everything on 34 Red," a business associate would later exclaim in frustration.
Mr Tinkler took it as a compliment, and started signing emails "34 Red". In the early years, it seems he bet the house - literally.
Rise to riches
The basic facts of Mr Tinkler's rise to riches are well known.
In 2006, Custom Mining scraped together a $1 million deposit for the under-valued Middlemount coal lease in Queensland's Bowen Basin, raised debt funding for the $30 million balance from backers and, late the following year, sold its 70 per cent stake to Macarthur Coal for $275 million.
Macarthur paid Mr Tinkler largely in scrip; with the coal price soaring to a record high and takeover speculation circling Macarthur, he sold his 10 per cent in 2009 for $442 million. Quite a payday.
What is less well known is just how quickly he burnt through the money.
Mr Tinkler's spending spree was monumental: luxury cars, jet planes, real estate and horses.
Mr Tinkler's Patinack Farm, named after his grandfather's stud in Ireland, outlaid more on bloodstock and stables in its first year than anyone in the industry had seen - an estimated $150 million.
By Mr Tinkler's own admission, Patinack cost $20 million a year to run.
At times, the cash splash by Patinack Farm became farcical. A former senior employee told Four Corners that at one thoroughbred auction, three different bidders were in attendance, all vying for the same horses under Mr Tinkler's instructions.
Patinack paid hundreds of thousands over the reserve on stock, with the last eight or nine bids for Mr Tinkler.
Part 2
http://www.abc.net.au/news/2013-07-2...y-many/4846818Quote:
Millions lost in stock-trade gambles
Mr Tinkler's spending splurge began even before he had made his millions - using funds borrowed against the expectation of future riches.
In June 2007, Mr Tinkler paid $5.2 million cash for a mansion - purchased in his wife's name - on a sprawling estate at Pullenvale, outside of Brisbane.
His private company Merewether Investments bought Newcastle Knights Rugby League legend Andrew Johns' pad in Newcastle for $4.3 million and later, two other mansions at Merewether.
He was also punting on the stock exchange like a day trader, taking out huge margin loans to buy stakes in BHP-Billiton, Rio Tinto and a series of smaller mining companies.
There was no evidence of Mr Tinkler's famous luck and timing in his share-trading gamble.
He lost tens of millions as the global financial crisis hit and mining stocks were savaged. Former Tinkler Group insiders estimate his losses on BHP and Rio at between $70 million and $80 million.
The money churn was so enormous that when he made his second big coal play - just 18 months after his $440 million payday in late 2009 - Mr Tinkler barely had any cash to bring to the deal.
Through his company Aston Resources, Mr Tinkler agreed to buy the Maules Creek coal deposit in the Gunnedah basin from Rio Tinto for $480 million.
The deal would within a short space of time make Mr Tinkler a billionaire but the finance was a stretch and a struggle.
He had to pay a 5 per cent deposit - $24 million - within three months.
But Mr Tinkler could only bring $9 million in cash to the table. He borrowed the balance of the deposit from Ken Talbot, chairman of Macarthur Coal.
Mr Tinkler regarded Mr Talbot as a mentor. The men had similar, knockabout backgrounds, and Mr Talbot clearly had a soft spot for the budding young entrepreneur.
When Mr Talbot died in a plane crash in the Congo in June 2010, Mr Tinkler was distraught.
He spoke emotionally of Mr Talbot as "a great Australian who provided opportunity to people from all walks of life".
Yet the Talbot estate had to threaten to sue Mr Tinkler to get back the $15 million.
In the lead-up to the Maules Creek deal, the pattern of not paying creditors resurfaced.
"We were instructed to shut down payment," said a Patinack Farm insider - one of many who came and went from the venture known as "Pat 'n Sack".
"I was getting abused on the phone. I got assaulted at the races. People were furious at not getting their money."
Mr Tinkler acquired a controlling stake in the Newcastle-based developer Buildev and the construction company Bolkm, and former employees of those companies tell similar stories: wives of sub-contractors calling up in tears because of the lengthy delays in payment; creditors owed tens or hundreds of thousands for months, even years.
Veda Advantage, Australia's leading credit reference agency, has accorded Patinack Farm its lowest possible credit rating: 99.9 times worse than average. Bolkm has the same dubious distinction.
None of the former staff were willing to go on the record when approached for our Four Corners documentary.
Some are bound by confidentiality agreements which include non-disparagement clauses. Others just want to put the distressing episode behind them.
"We have moved on from very difficult times where people's integrity and morals were pushed to the limits," one former senior employee said. It is a refrain echoed by many.
Tim Curry, an electrician who installed powerlines on a horse stud owned by Patinack, says of Mr Tinkler: "He's a grub and he doesn't pay his bills."
It is an unenviable reputation.
think you could be right Blackmac.
sounds like some of the PMs you get on the local forumQuote:
"No thanks. Ur just another c*** that I give an opportunity to, wasn't up to it and dogged me everywhere so f*** off. I check the paper for your funeral notice you f**** deadbeat."
:lol: sounds like Scozz vs everyone tbh :rof: :wub:
RIP scozz
Pffft.
Sif the big man gives a shit.
The ABC is for poor people and hippies (who are just poor people with no personal hygiene anyway).
Won't watch won't care.
Hail Tinks.
The ABC has been on a downhill slide ever since Mr Squiggle left.
these are hardly groundbreaking revelations from the cornerstone (heh) of current affairs reporting in 'straya
So these hack journos at the ABC have just run a summary of Tinks issues in the last few years.
Well done for digging up ****ing nothing and just regurgitating old news. How do these cocksuckers keep a job??
AS the great man himself would say ****ING DEADBEATS
Lets all get down on hands and knees and bow towards Singapore and say HAIL TINKS
http://www.abc.net.au/4corners/stori...29/3810937.htm
Full episode of the shit last night in case you missed it.
****ING DISGRACE
They didn't get a word out of Tinks, typical leko.:grin:
Shoulda got Plague's mob to do it, with Tracy Grim up front
Why are you calling me Tracy and why would I have an interest in this?Quote:
Originally Posted by My2BobsWorth
all rich kvnts have a posse of debters chasing them, thats how they got rich in the 1st place. tinks had the guts to take it on
Wot?Quote:
Originally Posted by My2BobsWorth
My mob?
Tracy Grim etc belong to free to air TV.
Free to air TV is also for poor people or old people.
David Speers or GTFO.
Having said that the in laws were over for dinner tonight (they are old people). They watched it and said Tinks was nasty to people and that no one liked him now.
I spat in their food and threw a wine bottle at them.
****ing ungrateful people.
Hail Tinks.
And housewives..Quote:
Originally Posted by plague
Reminds of the joke...Quote:
Originally Posted by hawk
Poor kid: my dads poor, he owes my uncle $5,000
Rich kid: my dads rich, he owes 5 banks $5million each
No one gets rich paying bills on time and only spending the money they actually have.
So they could take his license off him for betting on his own team?, if i remember correctly HSG is not owned by Tinks but by his family trust which is run by his wife, might get him out of jail on this one. Wonder what it would mean for HSG & the jets in particular if he was stripped of the knights license.Quote:
Nathan Tinkler under investigation for allegedly betting on rugby league
NEWCASTLE Knights' high-profile owner Nathan Tinkler is under investigation by rugby league's integrity unit after allegedly breaking strict NRL rules by betting on his side during 2011.
The Daily Telegraph has been told the ex-billionaire - or the Newcastle club - could face severe punishment, ranging from a heavy fine to a suspended licence.
NRL rules strictly prohibit any club official betting on rugby league.
According to a claim made by Luxbet in the Northern Territory Supreme Court in January, Tinkler plunged $25,000 on Newcastle in a match against New Zealand Warriors at Mount Smart Stadium on August 13, 2011.
He acquired the Knights on March 31 the same year.
After leading early, Newcastle eventually lost that game 20-12, Tinkler blowing his cash.
Coach Wayne Bennett's future at the club would be in some jeopardy should Tinkler's licence be suspended. Bennett's deal is understood to be with Tinkler, not the Knights.
The NRL on Tuesday night confirmed Tinkler was now under investigation.
"It's a matter the integrity unit is making some inquiries into," NRL chief operating officer Jim Doyle said.
"The NRL rules prevent any official from betting on rugby league. That includes anyone with a financial interest in the club. At this stage it's too early to comment beyond that."
A Newcastle spokesman declined to comment Tuesday night.
There is some chance the NRL may seek Tinkler's punting records from betting agencies to determine if wagers have been placed.
One rival NRL official was shocked to hear about Tinkler's alleged bet on Newcastle.
"He knows the rules, everyone in the game knows the rules," he said.
"The code of conduct is black and white - no betting on the games. The NRL will have no choice but to come down hard on him."
Sources told The Daily Telegraph Tuesday night that the Newcastle club may in fact face a breach notice if rules have been broken, not Tinkler personally.
The Daily Telegraph reported Tuesday that Tinkler's failure to pay debts prompted Luxbet to sue him in the Northern Territory Supreme Court in January, chasing $179,200.
Court documents obtained by The Daily Telegraph reveal Tinkler, the embattled businessman, was outlaying up to $200,000 a bet on horse races during a three-year spree.
He found few winners.
In April this year, Bennett said Tinkler was committed to the Knights despite his owner offloading the Patinack Farm horse racing operation.
you'd know, you rich **** :oops:Quote:
Originally Posted by hawk
2 story house ffs
buy me a beer
Why can't you bet on yourself to win?
Isn't that what you are trying to do anyway?
Pffffft, sif NRL would dare take El Saviours license away.
The only other blokes in Newy with coin (the 'peeples trust' mob from back in the day) got their money from corrupt Labor ministers giving away mining tenders.
(Although I doubt the lefties at ABC would go after them).
Hail Tinks in all His greatness.
**** the ABC.
I see where you are going with this but if you were betting on yourself to win there may be skeletons lurking in the closet with you enticing your rival to lose by offering them something on the sly!!!Quote:
Originally Posted by Gary Fish
Thats where the air of integrity/public perception issues come into play
at least he's not doing drugs
Silliest thing he's ever done, putting 25K on the Knights. Only thing sillier than that would be 25K on the Jets
Nope.Quote:
Originally Posted by My2BobsWorth
Silliest thing he ever did was employ Middleby. That bloke has dudded Tinks out of way more than $25k.
Middleby OUT.
Tinks cleared of any wrong doing.
Of course he was.
Hail Tinks.
Middleby OUT.
http://www.canberratimes.com.au/busi...918-2tyk1.html
Down to his last few million. poor guy.Quote:
Former billionaire Nathan Tinkler has been omitted from the latest edition of the BRW Young Rich List after his estimated net wealth fell below the $18 million cut-off set for 2013.
bit concerning for us, but it is clear why we can't pay out GVE's contract.
Soon he'll probably sell the clubQuote:
Originally Posted by belchardo
I think the sale of the club will happen. The separation of the Jets and Knights admin made it clear that he was setting everything up to get rid of one or both the clubs.
I think both will go, but the jets would be the one he'll try and off load first. I think he'll try and hold onto the Knights for as long as possible.
Are the jets & knights more attractive by themselves or as a combined HSG. Would not put it past Wests to make an approach for the knights, who knows they could even see HSG as a good way of getting both clubs.
I for one don't want a leagues club owning our club
I'd take a leagues club owned club over no club at all and those are probably the only two options when the last of the fat man's funny money runs out. Wests would take the Knights in a heartbeat (even though it would be a money pit) and my guess is they'd probably take on the Jets as well as a sop to the community. I doubt it would cost them any extra to take over both licences as opposed to just the Knights and it would be a good gesture of goodwill towards the community that they so thoughtfully 'support' with the pocket change they make from their one or two pokies hidden away in the corner of a room.Quote:
Originally Posted by Premy
Have there been any figures made public by The Jets or HSG about the financial position of the club over the last few seasons? Excluding say Heskey's contract are the requiring continual finances from Tinkler? Are they even close to being at break even point?Quote:
Originally Posted by Premy
This is a terrible post.Quote:
Originally Posted by curious_fan
:banghead::argument::soapbox::banghead:
In short - noQuote:
Originally Posted by curious_fan
As the Jets were not owned by a membership database or have any of the protections that the Knights have now before they sold the club to HSG they are not required to.
So is time to start whipping round the hat?
Or investing in paddlesteamers?
Has to be taken with a grain of salt considering the source is Troy Palmer. BUt its the best indication anyone is likely to get.
Quote:
Tinkler’s Knights set for strong financial finish
John Stensholt
With the club set for an NRL finals appearance this weekend, the financial result for Nathan Tinkler’s Newcastle Knights this season will be the best since the former billionaire became owner in 2011.
Troy Palmer, chief executive of *Tinkler’s Hunter Sports Group (HSG), the entity that owns the Knights and A-League football club the Newcastle Jets, says the rugby league team is in a healthy position on and off the field.
“The Knights were a bit of a basket case when we took them over. They were always in the bottom of the competition for most indicators, such as revenue, merchandise and sponsorship. But now, we are in the top three or four in the NRL for those categories.”
Turnover for the club will exceed $20 million in 2013. However, Palmer admits the Knights will still lose at least $2 million this year, a sum he says will be covered by Tinkler, who has had well-publicised financial issues.
“We’ve still got a bit of work to do in that regard, but it is the same for most NRL clubs at the moment,” Palmer says. “I think in the next two to three years, we will definitely be profitable.
“At the moment, there is still that gap and we’ve done a lot of upfront *spending since Nathan became owner. But we will see the benefit of that over the next few years and we will close that gap [between profit and loss] *significantly.”
Palmer confirmed the $10.3 million bank guarantee the Knights still have in place from Tinkler, as per the terms of his takeover of the club, will remain untouched and not be used to cover any annual losses.
The Australian Securities Exchange-listed Brisbane Broncos, South Sydney Rabbitohs and the North Queensland Cowboys are considered to be on the only clubs in the competition to be *profitable, although Manly will be close to breaking even this year.
Palmer says the Knights have about $10 million in annual sponsorship income, and companies such as NIB, Sportsbet, Aurizon and Hunter Ports, which is owned by *Tinkler, will continue to sponsor the club past 2014.
Long way to go
Even more importantly, the Knights officially launched its new training and administration facility last week, paid for by Wests Group Australia under a long-term sponsorship deal with the licensed club *organisation.
“The facilities we have at our centre of excellence are now as good as any club in the country,” Palmer says.
He says HSG is also working to convince sponsors to back both the Knights and the Jets. “We think it works well and they can reach different markets that way. Football appeals more to the youth market in particular.”
He says the Jets are on target to attract at least 10,000 members for the 2013-14 A-League season, which begins in October.
The league will be in its first season of a four-year $160 million broadcast *contract with SBS and Fox Sports Australia, with the former meaning the sport will have its first free-to-air presence since the old National Soccer League was disbanded in 2004.
However, Palmer says the Jets will still lose more than $1 million in the coming season and the financial *equation for the private owners of A-League clubs remains difficult.
“There’s still a lot of issues for the clubs and we still battle. What I think you will see is that it’s the next TV deal after this one that will see the clubs in a better position, so we have to hang on until then,” he says.
“The deal starting this season means clubs are probably $500,000 better off each. But we lost $20 million combined last season, so that only really brings the total losses back to $15 million. So it’s still a long way to go.”
http://www.afr.com/p/lifestyle/sport...29bAgZd0Q7c0DK
:rof:Quote:
Originally Posted by furious_can
lol!Quote:
Originally Posted by furious_can