Thats really going to depend on what exactly has happened, reports only confirm All To Hard has been sold, not to mention thisOriginally Posted by MFKS
He could actually be giving 2/3 away to cover the existing loan, although he did raise money from recent sales but surely not $20mThe former billionaire was extended a loan recently by Harvey, reported to be $20 million, as his financial woes deepened.
Daylight robbery.Knights going to cut and run by the looks of it, surprised they waited this long, cleared their $6m debt, their tax bill, now they are going to try and take him for his $20m bank guarantee, me thinks tinks is going to be well pissed,Will be interesting to see if they try and cosy up to those in the "Patrons Trust" again. Not sure what this is going to mean for us, might be time for us to all start breaking out the piggy banks, tinks might decide its all too hard () and throw in the towel for us as well and just fold HSG.
"Cheers for the 20 mil Tinks, we no longer need you"
Disgrace.
But the issue here for the Knoughts is that if Tinkler gets the Audit in and all is good the Bank Guarantee shrinks from $20 million to $10 million overnight. Tinks will now be making every effort to be getting that audit in as it is worth potentially 10 million to him.
Also I don't see how the Knoughts Members would have a leg to stand on. After agreeing a deal the other day with Tinks they now wish to renege on it?? As Tinks currently holds the balance of power being the incumbent owner I am pretty certain if Tinks stood his ground the Knoughts would be getting **** all fast from Tinks and court action would more than likely see Tinks retain control if he could meet a few issues he has before it got to court
Farcical endeavor by Knights Members Board or whatever they call themselves. The only way it would ever happen is if they agreed to waive the $20M guarantee. Until such time as Tinkler withdraws by his own volition, Knights are having a laugh.
Don't think so, the original deal was for this Saturday for the audit to be submitted, the revised deal also had a revised date, but was never signed off on, depends how the members club chooses to play it. Ultimately prior to the new deal being agreed the ATO action was started (Were the members notified of this who knows I think not) meaning they could use that action and the deal that was in place at the time to move against him, we'll just have to wait until tomorrow, the fact Nick Dan is not saying anything now after previously saying the agreement stood seems to indicate that at the very least the members club is considering its options. I think unless Tinks comes up with the money early this week the members will move against him, which might just be the reason for flogging off All To Hard. The problem for Tinks is that it could very well all be for nothing, if he can't show he's met all the other requirements, Newcastle Rugby League grants, $10m sponsorship etc the Members club will still have reasons to draw against the Bank Guarantee and force him to top it up, if he can't then they can gain control back from that as well.
What ever happens this week shapes as a very interesting time for newcastle sports fans.
Knights member's club fully within their rights to take the dollars from the bank guarantee to make sure the club meets the agreed levels of funding its what it was designed for, fact is Tinks has a set of requirements he has to fill to maintain control if he fails to meet those it triggers access to the funds and the $1 buy back option the members club has, if only the jets had the same we'd all be laughing.
The biggest implications from this are the separation of the Knights/Jets. While things are far from equal in the way the clubs are treated internally, once they are completely separate entities again (particularly if tew/burraston are running the knights), watch the jets be treated with contempt and classed as second class citizens again.Knights going to cut and run by the looks of it, surprised they waited this long, cleared their $6m debt, their tax bill, now they are going to try and take him for his $20m bank guarantee, me thinks tinks is going to be well pissed,Will be interesting to see if they try and cosy up to those in the "Patrons Trust" again. Not sure what this is going to mean for us, might be time for us to all start breaking out the piggy banks, tinks might decide its all too hard (
Hopefully the knights out of it don't become the major tenants of the stadium again.
Going on from that though, if the jets are still run by HSG, and the knights aren't, it will be a massacre against us (well HSG and the jets by default) in the pages of the Herald.
If the Knights manage to complete the robbery of tinkler, becoming debt free and pocketing the $20million in the process, then the best thing for the Jets is a new owner as well, as if we stay under HSG, despite their intentions, there is too much bad blood in the town and media for it to end well for us.
I don't think there would be bad blood on the Jets. To me at least, I am still pissed off at HSG for pulling the pin on us in April this year because they weren't getting their own way.
I think the best option is if there is another owner out there who won't micromanage things like Con and will continue on with the cheap tickets, great. If not, let HSG stay in control until Blackmac 's NUST is up and running, then the fans take over (although given the new TV deal, the required funds wouldn't nearly be as high as before)
Also, on the clubs blaming airfares for not having 5+ man bench, isn't one of the major sponser's QANTAS? Why the **** doesn't that agreement include cheap airfares? Especially given Perf and Wellington?
Last edited by Thomas477; 17-12-2012 at 10:33 PM.
Middleby Gone
Lawrie Out
Think you mean Blackmac
The financial statements are extremely important, especially given the fact that the club is sponsored by Hunter Ports. Who knows whether Tinkler actually paid for that sponsorship or not. If no funds were transferred and you have the ATO debt on top of it, it would add up to a significant hole in the club's finances.
Yeah, that too
Middleby Gone
Lawrie Out
Tinks is still in charge of the Knights - http://www.theherald.com.au/story/11...nights/?cs=303
Always gonna be in charge of the Knights until he decides he doesn't want to. The Knights Members Club would have **** all hope of taking the club from him without going to court. In that time Tinks pays his bills and they don't have a leg to ****ing stand on
I love how the mouthpiece for the Ultra "Knights Members" is telling Tinks he has an obligation to the community re:the footy team is the same bloke who is currently spending his days attempting to defend a disgraced politician against some of the most damning allegations of corruption in the history of Australian politics.
But anyway, hes probably just doing his job eh, not like he has any 'obligation to the community or anything'.
Give me a break.
These blokes crying about Tinks now are the same pigs who had they snouts in the Knights trough for years running the club into the ground. The fact that Tinks didnt want a bar of them touching his cash has fuelled this animosity. Add to that their mates in the local rag and Tinks was always going to be painted as the bad guy.
Tinks 4 eva.
The other mostly moronic aspect to all this is all the clowns out in Newy who treat Tew and Burraston as some sort of messiahs for forseeing Tinks alleged financial issues yet forget to acknowledge the shitty job the two were doing at running the club when they were in charge.
Almost as dumb as the idiots who talked HSG into thinking it would be a good idea to bring the Egg back when Culina got sacked.
What sort of shit was that Advisory Board smoking that day???
Interesting that it was about the middle of December that Palmer met with the Knights and said that HSG's issues with the ATO would be settled in 7-10 days. Now we are into 2013 and still no sign of it being sorted yet.
Probably be the usual spiel about 7-10 business days and we have barely had them due to weekend public holidays etc
Got to feel for Troy Palmer.
Knocking out excuse after excuse for Tinks yet he never fails to come up with the same one twice!!!
Spoke too soon Member, apparently Tinks does not go shouting from the roof tops about paying his bills and the herald like to wait it out before reporting it, probably just checking their sources and all that, or they had forgot and only remembered when they read your post.
Tinkler pays league debt, tax deal tipped
By BRETT KEEBLE and IAN KIRKWOOD
Jan. 1, 2013, 10:30 p.m.
PAYING BILLS: Nathan Tinkler remains under pressure.
NATHAN Tinkler’s Hunter Sports Group (HSG) has made good on its 2012 commitment of $300,000 in funding to the Newcastle Rugby League.
In another development, HSG is tipped to settle a $3.19 million Australian Taxation Office debt next week.
HSG’s financial obligation to the Newcastle Rugby League was one of the key components of the privatisation agreement signed in August 2011 when Mr Tinkler officially took control of the Knights.
The other major requirements were underwriting $10million in sponsorship, $2.5million in funding for junior development, and providing sufficient working capital for the day-to-day running of the National Rugby League club’s football and administrative operations.
Newcastle Rugby League chairman Trevor Crow confirmed on Tuesday the balance was deposited into the league’s bank account on December 21.
Although Mr Crow would not comment when asked how much was owed, the Newcastle Herald understands the final payment was more than $100,000.
HSG chief executive Troy Palmer did not return a text message from the Herald.
The ATO moved in the Federal Court on December 12 to liquidate eight companies linked to Mr Tinkler, including HSG, the Knights and Jets soccer club, seeking $3.19 million in unpaid tax.
Those matters are listed to be heard in the Federal Court in Sydney on February 20 and 22.
Mr Palmer told the Herald on December 16 that the ATO bill would be paid ‘‘in the next seven to 10 days’’.
That deadline has come and gone, but Knights chief executive Matt Gidley said last Friday that he anticipated the bill would be settled next week.
Even if the Tinkler camp can satisfy the ATO in relation to the court cases against HSG, the Knights and the Jets, insolvency experts have indicated this may not be the end of the matter.
Under the laws that have allowed the tax office to take action, others owed money by the companies involved can step in as ‘‘petitioning creditors’’ to keep the court case alive.
Although no one is certain what will happen, the Herald understands the threat will remain at least until the cases resume in the Federal Court in Sydney on February 20 and 22, even if the tax office is paid in the meantime.
An audit into the club’s 2012 financial operations was originally due on December 15, as specified in the deed of sale agreement signed by both parties in August 2011.
But HSG and the Knights Members Club agreed last month to move the audit reporting date from December 15 to January 21, and extend the $20 million bank guarantee underpinning the agreement from December 31 to January 31.
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The guarantee will decrease to $10.3 million on January 31.
Mr Palmer told the Herald on December 16 that all milestones, which include the Newcastle Rugby League funding, would be met.
Meanwhile, Mr Tinkler’s embattled Patinack horse-racing empire suffered another setback on Monday when Racing Queensland stewards raided his training property at Canungra, south of Brisbane, after Patinack scratched all four of its runners at last Saturday’s Doomben meeting.
Racing Queensland stewards and a veterinary officer inspected the Canungra training base on Monday. Subsequently, Patinack will not field any Queensland-based runners until next week because of a broken water-walker and a dirty swimming pool requiring urgent maintenance.
Another one down, but a few more still to go, maybe the odd increase in Whitehaven from that Chinese takeover speculation is helping Tinks balance the books.Tinkler pays off stadium hire debt
By MICHELLE HARRIS State Political Reporter
Jan. 3, 2013, 11:16 p.m.
NATHAN Tinkler's Hunter Sports Group (HSG) has stumped up nearly $600,000 it owed for the Knights use of Hunter Stadium, heading off further legal action that the state government launched last month to recover the rent.
But payment of another $400,000 that HSG disputes it owes for a turf bill dating back to 2010 is still up in the air.
The separate issue of a 10-year access agreement for the stadium with Venues NSW, the authority that manages the stadium for the state government, is also unresolved.
In a statement on Thursday night, Venues NSW chairman John Quayle confirmed it had received payment "of the agreed outstanding debt".
"We are now getting on with the business of finalising a new tenancy agreement to secure the long-term future of both the Knights and the Jets at one of the best sporting facilities in NSW," Mr Quayle said.
"It is my preference to have a new agreement in place before the 2013 National Rugby League season kicked off."
The initial debt, for the Knights stadium hire and catering, was $883,000.
HSG deposited $300,000 and agreed to settle the outstanding amount by November 21.
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But when no money was received the government launched legal action in December, saying it had a duty to protect taxpayers' money.
A HSG spokesman declined to comment on Thursday and reiterated it did not believe the $400,000 turf bill was its responsibility, involving instead "previous management" of the Knights.
HSG has previously said it would pay the balance of the agreed debt on completion of the access agreement.
http://www.theherald.com.au/story/12...e-debt/?cs=305
Whitehaven Coal shares plunge after media hoax
http://www.abc.net.au/news/2013-01-0...a-hoax/4455362
I picked up on this earlier too. I think by now the Tinkmaster is managing the good and bad by stealth measures.
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