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.