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  1. #1
    Senior Member Blackmac79's Avatar
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    Insert Name Here aka The Ownership Thread

    Where has the money gone?
    BY DONNA PAGE AND NEIL GOFFET
    21 Aug, 2012 04:00 AM
    WHEN Nathan Tinkler’s building company Bolkm recently sought contractors to work on a major overhaul of its waterfront offices, Hunter tradespeople received the news in disbelief.

    “It’s like they are living in a fantasy land where they don’t have a string of unpaid bills stretching all the way across town that is really hurting people,” one sub-contractor said.

    This perhaps explains why the company, led by directors Darren Williams and Jon Mead, could paint such an optimistic picture of its future.

    Dozens of tradespeople and suppliers stretching from the Hunter to Queensland are owed hundreds of thousands of dollars because the builder is not fully paying its bills.

    Since May, three companies have successfully taken legal action against Bolkm to recoup almost $70,000.

    One of the creditors, a Queensland plumbing firm, later agreed to have its judgment set aside after Bolkm paid all outstanding debts and legal fees.

    A spokesman for related company Buildev Group said earlier this month the developer was ‘‘facing challenging times’’, but had ‘‘great financial support from the Tinkler Group’’.

    Recent Bolkm projects include works carried out on Mr Tinkler’s horse stud in Canungra, Queensland, to Newcastle Port Corporation’s $3.4million port centre that opened on Newcastle Harbour earlier this month.

    A Port Corporation spokesman confirmed last week it was “making representations” to Bolkm following complaints from subcontractors about “non-payment of accounts”.

    Mr Tinkler’s spokesman said last night the job was incomplete and ‘‘Bolkm had not been paid in full as yet’’.

    The creditors are all asking one question – where did the money go?

    They are also asking how a company backed by self-made mining magnate Mr Tinkler can be in such a financial state that it is unable to pay bills that start from $1200.

    The mess is a long way from the 2009 Newcastle Master Builders’ Association awards when Bolkm was recognised for excellence in commercial construction for The Glass House building in Hannell Street, Wickham.

    It is this Tinkler-linked building that Bolkm is planning to overhaul before it and Buildev move in.

    The failure of Bolkm to pay its bills comes as Buildev was earlier this month ordered by the Supreme Court to complete a multimillion-dollar property purchase at Steel River.

    Property and development company Mirvac took Buildev to court after it failed to complete its promised purchase of a block worth as much as $20million.

    Mr Tinkler first bought into Buildev in 2009, is now the major shareholder and a director alongside Newcastle lawyer Aimee Hyde and general manager Andrew Dowling. In the past year Bolkm and Buildev have lost 16 staff, with two sacked, two made redundant and 12 resigning.

    Newcastle building industry veteran Bob Jeffkins said there was no doubt Bolkm was in trouble.

    Mr Jeffkins’s fitout company is owed $17,000 and has employed a debt collector to chase the money.

    ‘‘I am just glad I got it down to a relatively small amount compared to the figures they did owe us,’’ he said.

    ‘‘I have no interest in ever doing business with them again, there are many people owed money and it’s just not the right way to do things.’’

    Creditors said phone calls and emails regarding overdue accounts were rarely answered.

    Former Bolkm shareholder and construction manager Tom Elliot, who was sacked from the company in April, described the builder’s decline as “sad”.

    Mr Elliot, who had a 10per cent share of Bolkm, was preparing for a courtroom battle with his former employer later this month, but the matter was settled out of court.

    He said for years he enjoyed working for the company, but the charm quickly wore off when it started not paying its subcontractors more than a year ago.

    ‘‘Newcastle is a small town so unfortunately I still receive calls from subcontractors and consultants chasing money from Bolkm,’’ he said.

    ‘‘All I can do is just advise them to contact the directors of Bolkm.’’

    http://www.theherald.com.au/news/loc...px?storypage=0
    Creditors hunt for millionaire’s cash
    BY DONNA PAGE
    21 Aug, 2012 04:00 AM
    HE might be one of Australia’s richest men, but Nathan Tinkler has left a trail of debt devastating business owners from the Upper Hunter to Queensland.

    The Newcastle Herald spoke to dozens of businesses chasing outstanding debts of more than $1million from Hunter-based Tinkler companies.

    They are ordinary people, the majority mum-and-dad businesses, many individually owed close to $100,000.

    Some have been forced to remortgage their homes, increase overdrafts or sell their cars because they have not been paid for work or goods supplied.

    A spokesman for Mr Tinkler said last night creditors were paid on an ‘‘ongoing basis, as is done by all businesses’’.

    The Herald reported yesterday that Mr Tinkler, the former Muswellbrook mining electrician who now lives in Singapore and who is estimated by BRW as being worth $915million, had failed to meet the superannuation payments of workers at his racing company Patinack Farm, in some instances dating back to last November last year.

    Maitland building firm Fraser Commercial was placed in voluntary administration earlier this month with Newcastle building company Bolkm, the construction arm of Mr Tinkler’s Buildev Group, the main debtor.

    Mitch Fraser said at one stage Bolkm owed his now defunct company more than $200,000, but he managed to get it down to $33,000.

    ‘‘This is just the absolute tip of the iceberg, people are too scared to speak out because they are desperately hoping to be paid eventually,’’ Mr Fraser said.

    ‘‘It is unbelievable that this is happening when you look at Tinkler’s high-rolling lifestyle. He bought the Knights and the Jets, but so many people can’t get paid what they are genuinely owed. It’s just wrong.’’

    The Herald can reveal that in the past 10 months seven businesses have successfully taken court action to recoup more than $112,000 in outstanding debts from Bolkm and Patinack Farm.

    Mr Tinkler’s spokesman said creditors were being paid and with ‘‘many commercial agreements there are disagreements from time to time’’.

    With debts mounting and creditors’ calls going unanswered, angry suppliers and stores have placed stop-credit orders on the companies’ accounts.

    Others have employed debt collectors and some negotiated to accept Tinkler-company assets in lieu of payment.

    Debts range from $1200 to almost $100,000, with some outstanding for more than a year.

    Nearly all of the businesses the Herald spoke to were paid some money initially, with the promise of the rest later.

    Many even agreed to enter into payment plans allowing Mr Tinkler’s companies extra time to pay, but too often payments were not received.

    Roofer Rob Atherton said that last week he was was out of pocket about $50,000 for work he did for Bolkm.

    He has not paid himself for more than a month to make sure his employees’ entitlements are up-to-date.

    ‘‘They just keep telling you ... that it will be paid on this day and that day, it really pisses you off,’’ he said.

    ‘‘It’s been an absolute nightmare and a real struggle to keep our heads above water and keep going.’’

    For many in the embattled building industry the penny only dropped when the dollars stopped.

    ‘‘They drip feed people in an effort to keep them quiet and keep things ticking over,’’ a former Tinkler employee said.

    ‘‘It’s the ones who scream the loudest and threaten to take it further who get paid first, it’s a terrible way of doing business. If a business cuts them off, they just move to the next supplier or subcontractor and it all starts again.’’

    http://www.theherald.com.au/news/loc...px?storypage=0
    2 things have to be asked.

    What the **** is going on?

    and

    Why is he using a queensland plumber when there are a stack of good local ones?

  2. #2
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    Reminds me more of David Hall of the Breakers ilk.
    All the promises, cash flow problems...seen it all before!!!

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    yep, deja vu all over again.

    how's that community model coming along Blackmac?

  4. #4
    Senior Member Thomas477's Avatar
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    Quote Originally Posted by belchardo View Post
    yep, deja vu all over again.

    how's that community model coming along Blackmac?
    This, we may be needing it sooner than we thought...

  5. #5
    aka WLG pv4's Avatar
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    with all these businesses/sports teams/etc - the dude has a lot on his plate. he'd want to hope he has the right people, doing the right thing, in charge of each respective investment - which i imagine all this fiasco is about rather than him not having money.
    OK

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    Quote Originally Posted by pv4 View Post
    with all these businesses/sports teams/etc - the dude has a lot on his plate. he'd want to hope he has the right people, doing the right thing, in charge of each respective investment - which i imagine all this fiasco is about rather than him not having money.
    Yeah poor Tinks, I hope he's not getting led astray by those nasty advisers. I'm sure he has no idea what his companies are doing.

    On the other hand, it could be that he's built an 'empire' on debt and promises, and those chickens are starting to come home to roost. Look at Boardwalk resources - loaded up with debt, which if the stories about it are to be believed funded Tinkler's lifestyle - then he managed to get Whitehaven to take it all on board in the Aston/Whitehaven merger.

    The guy tried to get too big too fast and it's going to end in tears, not for him no doubt, he'll have hidden enough away to avoid having to go back to being a sparky again, but for everyone else who was associated with him.

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    Herald Editorial


    Creditors of Tinkler firms
    21 Aug, 2012 08:24 AM

    FROM the time he burst into the headlines in 2008 as the audacious young magnate who turned a $500,000 punt into a pay cheque of more than $440million, Nathan Tinkler was obviously a determined individual. Subsequent deals turned that original fortune into even greater wealth, to the point where Mr Tinkler was described as a billionaire before his 35th birthday.

    Rich beyond the dreams of most mortals, Mr Tinkler lavished hundreds of millions of dollars on the sport of kings, thoroughbred racing. He rescued football franchises the Newcastle Jets and Newcastle Knights from financial difficulties, and considered a revival of GPT’s stalled plans for inner-city revival with his construction and property companies in the Buildev Group.

    But from the start, rumours of Mr Tinkler’s robust business methods were never far from the surface.

    Some disputes went as far as court, but for the most part, people seemed prepared to dust themselves off after brushes with the Tinkler Group, and to write any losses down to experience.

    But not any longer. People are speaking on the record about their dealings with Buildev, Patinack Farm and other Tinkler companies, and complaints have been made to authorities about unpaid superannuation contributions.

    The Tinkler Group, not surprisingly, is unhappy with the coverage it’s receiving, but some would suggest it only has itself to blame. While money can bring great opportunity, wealth of the sort that Mr Tinkler lays claim to often carries a corresponding deal of responsibility.

    When Hunter Sports Group took control of the Knights and the Jets, Mr Tinkler spoke of wanting to support both clubs for the community, and people were grateful for his substantial input. Unfortunately, however, many of the people who have been owed money by Mr Tinkler’s companies are members of this same community.

    They dealt with him in good faith, and, sadly, too many of them have found the experience to be a bruising one.

    None of this is to say that Tinkler companies are not valued players in this region’s economy, or that anyone wants to see a clearly talented individual in the spotlight for the wrong reasons.

    But a man in the midst of a $5.3billion coal industry takeover should not leave a trail of unhappy creditors behind him, seemingly as though they are of little consequence. If there is another side to this story, then Mr Tinkler should come out and tell it. In the meantime, he might care to remember the old saying about the benefits of treating people well on the way up.
    http://www.theherald.com.au/news/opi...s/2652545.aspx

  8. #8
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    Quote Originally Posted by Blackmac79 View Post
    2 things have to be asked.

    What the **** is going on?

    and

    Why is he using a queensland plumber when there are a stack of good local ones?
    Judging from the tone of those articles, I imagine he can't use locals because he's pissed them all off by not paying them.

  9. #9
    Senior Member snake's Avatar
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    yet the bloke is the only way we'd still have a team. praise tinks.


  10. #10
    infant member plague's Avatar
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    1. Griff.
    2. Tinks.
    3. Daylight.


    Love ya big fella.

  11. #11
    aka WLG pv4's Avatar
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    Quote Originally Posted by plague View Post
    1. Griff.
    2. Tinks.
    3. baz
    4. Daylight.
    fixed
    OK

  12. #12
    infant member plague's Avatar
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    Quote Originally Posted by plague View Post
    1. Griff.
    2. Tinks.
    3. Daylight.


    Love ya big fella.
    Self correction:
    1. Griff.
    2. Tinks.
    3. Con.
    4. Daylight.

  13. #13
    infant member plague's Avatar
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    Whoops, sorry PV4 just saw your edit.
    Have only read stories about #1 Superfan, didn't feel qualified enough to include Him on my list.
    Feel free to edit accordingly.

  14. #14
    he is doing some dough on the horses

    http://www.businessspectator.com.au/...cument&src=rss

    Reports yesterday suggested his employees haven’t been paid superannuation benefits since November last year and this follows assertions the business is leaking $500,000 a week.

    Since its formation, Patinack has seen just five of its horses win at the highest level (group 1). To put that in context, Black Caviar won that many in one glorious autumn. Even a young two-year-old colt named Pierro won three in the month of April this year. That’s not to say winning group ones is an easy task, far from it. But to spend upwards of $300 million, have 1,200 horses and produce five group 1 winners is a massive underachievement

  15. #15
    Senior Member seldom's Avatar
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    a big cheerio to the queensland plumbers for my cheap seats
    I hope he likes prison food.......and penis

  16. #16
    NATHAN TINKLER'S companies have begun paying at least some of their outstanding bills.

    After several days of bad publicity about a string of debts, creditors said yesterday they had received some money.

    A spokesman for the mining magnate, estimated to be worth $915 million, said last night the companies had spent the past 24 hours ''working towards'' paying outstanding debts.

    What he did not say was why it took until now to pay creditors, who in some cases have waited at least a year.
    Advertisement

    ''The vast majority have been paid in the past 24 hours, which makes your stories redundant. All the people named in your stories were paid,'' he said.

    It was reported that dozens of businesses were chasing outstanding debts of more than $1 million from Hunter region Tinkler companies including Newcastle builder Bolkm and racing company Patinack Farm.

    Creditor Bob Jeffkins, who employed a debt collector to chase the $17,000 he was owed, was in a state of disbelief.

    ''Half-a-dozen people rang me to say they got their money through,'' he said. ''They have strung everybody out to the nth degree and it's made things bloody hard for a lot of people who have suffered a lot of hardship. I just wish we had gone public with this whole mess a long time ago because they obviously don't like the way it looks.''

    Roofer Rob Atherton said he was paid $15,000 this week but was still owed more than $30,000.

    ''I just want what they owe me, it's as simple as that,'' he said. ''I'm going to be contacting my solicitor about chasing the rest.''

    Mr Tinkler's spokesman said the companies had received ''overwhelming support'' from creditors who were being paid.

    http://www.smh.com.au/nsw/tinkler-fi...821-24kqm.html
    ¡Tinks para siempre!

  17. #17
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    Herald have really gone a witch hunt the last few days...doubt there will be much good publicity for HSG entities for a while.

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    Tinkler, ultimate troll.

  19. #19
    космонавт-исследователь boz-monaut's Avatar
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    has anyone else noticed the wide variety of Tinkler photos that the Newcastle Herald seems to have on file, showing the range or Tinker emotions, and the way they use them according to the headline - if you line them up it's quite funny:

    Tinkler pays up


    Tinkler launches $4bn bid for Whitehaven Coal


    Mirvac takes Tinkler to court on Steel River deal


    Tinkler moves to Singapore


    Tinkler's horse sale bid


    Court orders Tinkler company to pay up on Steel River land

  20. #20
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    Quote Originally Posted by boz-monaut View Post
    Mirvac takes Tinkler to court on Steel River deal
    Looks like Chief Harragon ate way too many pies in this one

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