Insert Name Here aka The Ownership Thread

[MFKS]

MINER Blackwood Corp has agreed on a settlement proposal with Nathan Tinkler under which the embattled coal baron would pay $12 million to settle an outstanding $28.4 million share placement debt.
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Blackwood and Mr Tinkler have entered a Deed of Settlement and Release under which Mr Tinkler’s companies will pay $12 million to Blackwood to terminate a Share Placement Agreement, clearing Mr Tinkler’s debt and leaving him with no shares in Blackwood.

Blackwood has suspended legal proceedings against Mr Tinkler until June 30 to allow the money to be paid.

If the money is not paid by the deadline, the legal proceedings, which include a freezing order application, will resume.

In an announcement to the market, Blackwood said some of Mr Tinkler’s companies and his family trust had provided irrevocable undertakings that, if ‘‘certain assets’’ were sold and generated $12 million in net profits, those sale proceeds would be paid to Blackwood.

Blackwood forced Mr Tinkler’s Mulsanne Resources into liquidation in 2012 after Mulsanne failed to pay $28.4 million for a one-third stake in Blackwood.
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Mr Tinkler faced a liquidators’ examination into the state of his assets in the NSW Supreme court in March.In May, the liquidators applied to freeze Mr Tinkler’s assets and those of his wife, as trustee of the Tinkler Family Trust, while legal action against Mr Tinkler and Mulsanne’s directors for alleged insolvent trading proceeds.

Those actions are now on hold pending the payment of the proposed settlement.

this bloke is like a cat with not 9 lives but 9000 lives the way he gets a deal done to save his arse.

[plague]

Cash is king in this world Member.
Bird in the hand etc etc.
This mob should be happy Uncle Tinks is giving them that much.
Big fella would no doubt have that $12m in his centre console.

Tinks wins again.
Love that bloke.

[militiamon]

The Anti-Middleby.

[Pico]

Patinack withdrawals have buyers on warpath

Patinack Farm has withdrawn 22 lots from Friday's National racehorse sales on the Gold Coast as owner Nathan Tinkler, through an agent, bought back several yearlings, leaving rival buyers angry and disappointed.

It was a remarkable day at Magic Millions on Wednesday as some well-bred yearlings, part of the supposed Patinack Farm reduction sale, were sold to what Fairfax believes were the bids of Tinkler.

Hong Kong trainer Tony Millard was the underbidder on a couple of yearlings, which sold to Magic Millions as agent.

''It is just disappointing that you come here to find out the horses weren't for sale,'' Millard said. ''We set our sights on a couple of nice types, and missed out, [and] because of that we missed out on other horses we would have bought [earlier].''
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The top five lots of the yearling sale were Patinack Farm reduction stock, which went for $250,000 and above, with four selling to Magic Millions as agent and the other to Tinkler's trainer, John Thompson. The top price was $500,000 for a Manduro filly out of Endless, which is a close relation to English superstar Frankel.

It is unclear if Tinkler settling a dispute with Blackwood Corporation for $12 million earlier in the week freed him up to keep some of his bloodstock.

Magic Millions managing director Vin Cox was fielding complaints from bloodstock agents, who felt they had wasted their time going to the Gold Coast.

Some agents were considering leaving the Gold Coast on Wednesday night after the announcement of the withdrawals from Friday's sale, which include highly rated Peron and Melbourne Cup prospect Tremec.

''It is always disappointing when you have withdrawals,'' Cox said. ''It is unfortunate … but [Tinkler] owns the horses, and it is his prerogative to do what he feels is right.''

Tremec was at the top of the shopping list for trainer David Hayes. ''It is just disappointing because we came up to have a crack at a couple of horses, and they won't be there,'' he said.

Meanwhile, Sizzling maintained favouritism for Saturday's Stradbroke despite drawing barrier 18 on Wednesday.

http://www.smh.com.au/sport/horserac...#ixzz2VNdpjiTA

So Tinks sells the horses from Patinack & then buys them back through an agent, when I originally read on Tuesday that he had engaged an agent to bid on some stock I thought he was just going to try and drive the prices up, maybe that settlement from Blackwoods has freed up a bit more cash, or this is all part of his plans for reacquiring his assets & shielding them from bankruptcy.

[Pico]

Tinkler resolves claim by BKK Partners

The dust has settled on the legal dispute between embattled coal miner Nathan Tinkler and corporate adviser BKK Partners.

The Federal Court heard this morning that BKK Partners will withdraw from proceedings against Mr Tinkler after the two parties found a resolution two weeks ago.

The dispute arose after BKK Partners last year advised Mr Tinkler on his failed takeover bid for Whitehaven Coal.

BKK claimed it was promised a retainer of $50,000 a month for its services to Mr Tinkler, of which $220,000 was allegedly not paid.
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But in the Federal Court last month district registrar Michael Wall heard the matter had been resolved.

This morning in Sydney the court heard BKK would now formally withdraw from the dispute.

Both parties will pay their own court costs.

It comes a day after Mr Tinkler reached a settlement with ASX-listed Blackwood Corporation in which one of his private companies, Mulsanne Resources, will pay less than half the $28.4 million of the debts originating from a failed share placement.

Blackwood told the sharemarket on Tuesday that it would drop liquidation efforts against Mr Tinkler and other directors of his private company Mulsanne Resources if a payment of $12 million was made by June 30.

http://www.brisbanetimes.com.au/busi...#ixzz2VNflENXM

Another one down, should he manage to get his hands on that $12m for Blackwoods I think thats all the court cases settled.

[MFKS]

ANGRY scenes have marred the Magic Millions horse sales on the Gold Coast on Friday after the auction house announced it would exercise its right to withdraw from sale another 13 horses from Nathan Tinkler’s Patinack Farm.


As the announcement was made, staff from Patinack Farm were scrambling to find transport to remove the 13 horses from the auction stables.

The sale, which had been described as a farce, dropped to a new low when Magic Millions managing director Vin Cox interrupted the auction to announce further withdrawals after 22 lots [horses] were removed by Patinack a day earlier.

“The vendor [Patinack Farm] was expecting more [money] than a fair market was prepared to pay,” Mr Cox said.

“As he was going to be bidding on these lots we decided to exercise our right to take them out to keep the integrity of the sale and protect buyers.”

Mr Tinkler has been active in the market buying back a number of yearlings at the sales, angering breeders and buyers, after completing a debt settlement with Blackwood Corporation.

As the announcement was made the call of “bullshit” came from the one of the biggest crowds seen at a horse sale in Australia.

“He [Tinkler] has every right to do what he has been doing under the rules of the auction but we thought this was the best course of action,” Mr Cox said. “So we withdrew the 13 horses he indicated he would be bidding on.”

Magic Millions indicated Patinack trainer John Thompson and Mr Tinkler’s father, Les, would continue to bid on Patinack’s behalf at the sale.

The withdrawals included Sydney winner Ferment and Metallurgical, which Mr Tinkler paid $2.2million for as a yearling.

Tinks cleaning house and taking back what is his

[plague]

"You come at the King, you best not miss".

Go get 'em Tinks.

[Blackmac79]

Big posters up around parklea markets "not for sale, Con is back!"

Big man pulls through.

[militiamon]

Will his wife please confirm this for us?


Edit: Seems legit:

Markets return to Con's control
Bridget Carter
From: The Australian
June 08, 2013 12:00AM

ONE-TIME owner of the Newcastle Jets soccer team Con Constantine has struck a refinancing deal with a lender, enabling him to regain control of Parklea Markets in Sydney's northwest after a marketing campaign on behalf of receivers failed to sell the property.

Among the groups eager to buy the markets were Frank Wolf's Abacus Property Group, which was likely to have been attracted to the property's development potential - given it could be worth several hundred million dollars, subject to a favourable rezoning.

The 22ha Parklea Markets at Sunnyholt Road in Glenwood was one of the most valuable assets in Mr Constantine's portfolio and has been earmarked for a mixed-used development, including a housing subdivision.

A concept plan was lodged for Parklea Markets before it was placed into receivership that included the development of a 12-storey hotel with 226 rooms and a convention centre.

Matthew Meynell, of Colliers International, had been marketing the property on behalf of insolvency firm PPB, with price expectations of more than $50 million.

Mr Constantine is believed to have had a loan on the property with Westpac Bank but managed to secure a financing deal with another lender.

Last week, Mr Meynell said Parklea Village was in the final stages of an expressions-of-interest campaign but would not comment further.

Almona, of which Mr Constantine is a director, owned the property but was placed into receivership in 2011.

In 2009, BRW magazine reported Mr Constantine was worth about $145m.

Originally from Cyprus, Mr Constantine built Parklea Markets on the site of a former drive-in cinema, initially operating it as a plant nursery.

He expanded his interests to Newcastle, where he bought the community papers Newcastle & Lake Macquarie Post and the Hunter Post from Fairfax Media.

Mr Constantine formed the Newcastle United soccer team in 2000, which was later renamed the Newcastle Jets.

Mining magnate Nathan Tinkler took over the licence of the Jets from Mr Constantine in 2010.

Mr Constantine could not be reached for comment.

http://www.theaustralian.com.au/busi...-1226659514898

Hail Con!
Hail Tinks!

[plague]

Great news.
Love Con.
Love Tinks.



(Middleby, not so much)

[belchardo]

Nathan Tinkler has sold about half his stake in Whitehaven Coal to US investment firm Farallon Funds for about $300 million.

The former billionaire sold - through his Aston Resources Investments and Boardwalk Resources Investments - 101 million Whitehaven shares, or 9.91 per cent, to Farallon Funds.

The shares were sold at $2.96 each, according to a statement to the ASX this morning. That's a premium of nearly 40 per cent to yesterday's closing price of $2.11.

The shares jumped 9 per cent to $2.30 in early trade this morning.

Wilson HTM senior resources analyst Andrew Pedler said the sale was a good move for the company.

''I think Tinkler has been unstable presence on the register. Reducing his holdings in an orderly manner is important,'' Mr Pedler said. ''It will not affect the operations of the company whatsoever. It will affect people's perceptions of its value.''

Farallon said in a statement that it "believes the current market price of Whitehaven shares does not reflect the value of the company".

"The Farallon Funds now have a sizeable investment in Whitehaven, and Farallon looks forward to growth in shareholder value over time."

Farallon also agreed to buy another 1.63 per cent, subject to regulatory approval, the fund said. It already holds a 5.1 per cent stake in the company.

'Difficult' decision
The transaction means Mr Tinkler loses his place as the largest shareholder in Whitehaven, his last major listed investment. Closely held Tinkler Group held a 19.4 per cent stake in Whitehaven, according to an October statement.

Mr Tinkler said the decision to sell had been "difficult" but that the sale was in the best interests of all shareholders.

"While we are happy with the price we have received, being a 40 per cent premium to the current market price and a recent high for the company, we feel strongly that this still significantly undervalues the company's underlying asset base," he said in a statement.

Along with selling to Farallon, part of his stake had been sold to Noonday, a hedge fund, he said.

PhillipCapital’s senior resources analyst Lawrence Grech said the sale was an important first step, ‘‘but by no means the final step to the settlement of this perceived overhang from the Tinkler Group’’.

‘‘As Whitehaven’s operations become more efficient and they obtain permits to deliver an important development asset in Maules Creek, then we are going to see a lot more underlying interest in Whitehaven," Mr Grech said.

"That provides a lot more potential for an orderly selldown of Tinkler’s Group’s remaining parcel and more options for Farallon Group to hold or reduce to new portfolio or corporate investors seeking long-term growth in very good coal assets.’’

The move comes just 11 days before a deadline for Mr Tinkler to settle his debts with ASX listed Blackwood Corp. Earlier this month Mr Tinkler and Blackwood struck a deal to settle their dispute if Mr Tinkler paid $12 million by June 30.

Blackwood said the payment could be made by any of the companies linked to Mr Tinkler, and any asset sales across Mr Tinkler's empire must be used to resolve the debts.

That means today's selldown of Whitehaven shares is likely to be used to pay down the Blackwood debt.

If Mr Tinkler fails to come up with the $12 million by June 30, a previous liquidation action will be resumed. The Blackwood liquidators applied on May 22 to freeze his assets, including the Whitehaven stake and a family trust managed by his wife.

Move to Singapore
The embattled coal magnate recently become the sole director and shareholder of a new company in Singapore, Bentley Resources, and of its subsidiary Bentley Resources Administration.

The move, which took place in April according to Singapore company records, came less than two weeks after liquidators of his failed Australian company Mulsanne Resources said they were planning to take legal action against Mr Tinkler for insolvent trading.

Blackwood had forced Mulsanne into liquidation last year after Mulsanne failed to honour a deal to pay $28 million for a third of Blackwood.

Mr Tinkler, who was listed as Australia's richest person under 40 for several years running, and as recently as 2011, moved with his family to Singapore last year.

The 36-year-old electrician turned miner, who sold his house in 2006 to buy into a coal mine, made a $5.3 billion bid for Whitehaven last year, which collapsed in August as coal prices fell.

Mr Tinkler owed as much as $700 million to his backers including Farallon, Credit Suisse and Kuok Group and missed a $200 million payment in October, people familiar with the matter said in November.

Read more: http://www.smh.com.au/business/mining-and-resources/tinkler-sells-out-of-whitehaven-20130619-2ohnj.html#ixzz2WcWSUEhF

surely this must clear his debts fully now.

[De-Champ]

No still has a heap of debt.

[plague]

Tinks and Uncle Con lining their pockets.
Bazza O Fazza handing out the novelty cheques.
Newy is the new Dubai.

[MFKS]

LENDERS have assumed control of Newcastle Knights owner Nathan Tinkler’s biggest asset, a 19.4 per cent stake in Gunnedah coal company Whitehaven, once valued at $1 billion.

Despite the impact this must surely have on the Tinkler Group’s other interests, his spokesman Tim Allerton stressed there was ‘‘no impact on the Newcastle Knights and the Newcastle Jets at all’’.

Mr Allerton said all the shares were in the process of being sold, if they hadn't already been sold.

Early Wednesday morning he was putting a positive spin on the sale, saying the shares were sold at 40 per cent above the market rate.

But due to Mr Tinkler's reported high levels of debt it is unclear how much, if any, of the money will stay with Mr Tinkler.

Hedge fund Farallon, which has bought most of the Tinkler stake, says the sale is only a ‘‘partial’’ settlement of the Tinkler group debt, meaning it may be after the former billionaire for more money.

In a series of statements issued to the stock exchange this morning it has emerged that the Tinkler Group no longer holds any of Whitehaven shares and his major baker hedge fund Farallon and its associates are now the single biggest shareholder in Whitehaven.

Whitehaven is developing the Maules Creek mine and has other operating mines in the Gunnedah Basin.

The shares were sold first thing Wednesday morning and the market responded positively with a 9 per cent price jump to $2.30 in early trade.

Whitehaven told the market that Farallon had bought 11.5 per cent of the Tinkler stake with the rest sold to ‘‘other members of the Tinkler lending syndicate".

"Whitehaven has a strong existing relationship with Farallon and we welcome its further investment in our business,” Whitehaven Coal Managing Director Mr Paul Flynn said.

“We look forward to continuing to deliver on our growth plans and to creating value for all of our shareholders,” he said.

When coal prices were high and Whitehaven shares were trading at $5 or $6 this was not such a burden but the collapse in coal prices has pushed coal stocks drastically lower to the point where Whitehaven has recently below $2.

The shares closed at $2.11 Tuesday, well below the $2.96 named as the price paid in the transaction.

In a letter published on the stock exchange this morning, lawyers acting for Farallon said it now held 16.62 per cent of Whitehaven, which compares with the 5 per cent it held before this transaction.

The transaction has a face value of $350 million but Farallon says it will only partly repay debt owed by the Tinkler Group.

While further clarification is needed, it appears that Farallon has taken control of 9.91 per cent of Tinkler Group’s Whitehaven stock and will buy another 1.63 per cent subject to Foreign Investment Review Board approval.

Such a transaction had been speculated as a likely solution to Mr Tinkler’s debt concerns but Farallon would also need to observe the ‘‘20 per cent law’’ - meaning it would need to make a full takeover bid for the company or have it approved by a full meeting of shareholders if it went above the 20 per cent limit.


A Tinkler Group statement said that while Mr Tinkler was happy with the price received, he still believed this price ‘‘significantly undervalues the company’s underlying asset base’’.

‘‘Many will be aware of the emotional attachment that Mr Tinkler has to the assets of the company, specifically Maules Creek, and that selling this stake was a difficult decision,’’ the statement said.

‘‘However we believe that no longer being a substantial shareholder of Whitehaven will benefit all existing shareholders.’’

The statement indicated Mr Tinkler and Farallon had parted company, by thanking them for their long term support of Aston Resources.

Ummm No impact on jets and knights??? What else does he own now???

[My2BobsWorth]

http://www.brw.com.au/p/brw-lounge/f...biQDL7t2HmP8LK

Still has a few, dunno what value. Big fella is a bit of an enigma. Still wondering what the Singapore move is about.

[scozzygt]

http://www.brw.com.au/p/brw-lounge/f...biQDL7t2HmP8LK

Still has a few, dunno what value. Big fella is a bit of an enigma. Still wondering what the Singapore move is about.

Well, its business as usual, Robbie told us, so that's ALL we need to know.
Me just love how they treat us, tha members.

Tinky? Singapore?
Tax, not hard to work out.

[De-Champ]

Well, its business as usual, Robbie told us, so that's ALL we need to know.
Me just love how they treat us, tha members.

Tinky? Singapore?
Tax, not hard to work out.

He does not pay tax, according to his testimony in court he had next to nothing in income.

[scozzygt]

He does not pay tax, according to his testimony in court he had next to nothing in income.

Hope he finds something soon, by tha look of him, he could do with a good feed.

Do you think he went there to get a cheap copy watch?

FFS,

[De-Champ]

Hope he finds something soon, by tha look of him, he could do with a good feed.

Do you think he went there to get a cheap copy watch?

FFS,

He went there because that is where farrallon capital, has its main office.

[militiamon]

So, Four Corners is doing a piece on Tinks next week?

Look forward to the puff piece, big marn deserves it. Hail Tinks!