yep, and Clive had never lost a court case in his life.
yep, and Clive had never lost a court case in his life.
Tinks is no chance. I do not believe he is the behind the scenes smart bloke people think he is. He's an electrician who made some very lucky choices. And when push came to shove some extremely bad ones that's left him high and dry. The jets are a blip on his radar. He'll talk and scream but eventually just walk away. My money is on gallop. All day erryyy day
Tinkler has no grounds, placing the entity into administration was a clear breach of licence terms. All the FFA need to do is argue that they acted in the best interest of its product and they preceded to do so in a legal manner.Originally Posted by MFKS
The big man is flat on his back and the umpire is over half way through a 10 count
Dare to Zlatan
Originally Posted by Grimario
He won't make that mistake at Newcastle since our team is full of number 2's.
Go away Phil
The Championship Chronicles - The Jetstream's review of the 2007/08 season. www.newcastlefootball.net/chronicles
Last paragraph sums it up nicely.
When a proper coach arrived on the scene Phil went back to what he does best which is putting the cones out.
Piss of Stumblins
Clive actually lost one at the start of last year over rounds of golf
http://www.couriermail.com.au/news/q...-1226833119187
Yeah.
Ummm.
Well, the thing is.
Oh never mind.
(Belchardo was taking the piss-in b4 Captain Obvious).
Remember that it was Gallops arrival that coincided with Jason Derulo playing at the grand final.
Blokes had the Midas touch since day dot.
Don't stress, Dave's got this.
the work pc has a sarcasm filter on it...
This is just Con v2.0. Why is everyone so worried?
Con threatened legal action blah blah blah. The FFA knew what they were doing and Con disappeared from sight. Same will happen to Tinkler. The FFA might make some mind-boggling decisions but they would know what they're doing. When have they made a decision regarding a licence that has backfired on them? There was no comeback from Fury, Clive Palmer, or Con the first time. How the **** could Tinks pay for decent legal rep anyway and would he really want to waste even more money? Guarantee Tinks will be long gone by June.
And why are people still cautious about a new owner? Whoever the new owner is will have ONE simple task - 'just don't **** it up'. That's it. Leave prices as they are. The football community here will just be relieved to have new ownership, let alone expect anything magical. Hell, I'm ready to buy my season ticket for next year already. How could it possibly be any worse than it has been this past season? I'm sure the FFA have been sounding out potential owners for longer than this week. If they do go with Stephen Thompson, then so be it. At least he doesn't sound like an utter asshole.
Not when new owner lets Muppet keep his job
FFA OUT
Get to the new thread Member.
It's farkern ON!!!
.THE Newcastle Jets owe their creditors at least $4.5million, while company records show Nathan Tinkler companies have loaned the club more than $14.7million since taking over in September 2010.
With potential liabilities of almost $20million, the Jets appear to be in far worse shape than initially thought when Tinkler, pictured, called in insolvency specialists Shaw Gidley on Wednesday to put the company behind the club into voluntary administration.
Shaw Gidley partner James Shaw told the Newcastle Herald on Thursday he had met senior representatives of Football Federation Australia and was hopeful a deal could be negotiated to settle a complex situation as fairly as possible.
Mr Shaw said he had not seen the full books but a summary of the loan account showed Tinkler companies had put $14,714,579 into Newcastle Jets Football Operations Pty Ltd, the company he had been appointed to run.
He said if Tinkler was prepared to “subordinate” his loan to allow other creditors to be paid first, there was a chance staff and unsecured creditors would be paid some of the money owed to them.
“It’s a very complex situation, because everyone involved has different interests and responsibilities,” he said.
“The FFA has pledged to field a Newcastle team in next season’s A-League, and its interest is obviously to ensure that the fans have a team and that the players, who they have said they will stand behind, are looked after. But when you look at the books, trade, tax and payroll liabilities total more than $4.5 million.
“I have to stress these are not final figures. They could move in either direction. But there’s a tax bill of almost $2.5 million. Payroll liabilities are $1.4million, including about $790,000 in unpaid super.
‘‘Trade creditors are owed more than $700,000. And then there’s the outstanding wages bill that triggered it all.
“From a Hunter community point of view, the best thing would be if the FFA agreed to use at least some of the money raised from a subsequent sale of the Newcastle licence to help those unsecured creditors caught up in the collapse of the Jets.
“If that happens, and the FFA accepts a restructure something along the lines of what the National Rugby League did with the Gold Coast Titans, and the FFA is able to sell the Newcastle licence to a new operator, then we could be able to set up some form of deed, whereby the trade creditors, the staff and the tax office receive some payments down the track.
“If not, then history shows that the ultimate outcome is likely to be liquidation, with a zero cents in the dollar return.”
Months of simmering tensions at the Jets exploded this week when the club was unable to pay a wages bill that would normally be covered by a monthly payment of $250,000 from the FFA.
But as Mr Shaw explained, this money is the subject of a “garnishee” issued by the tax office, which means the tax office gains access to some of the money.
“I am still seeking details of the garnishee but it seems the tax office has used it since late last year,” Mr Shaw said.
“When the wages bill wasn’t paid this week, the FFA said it would take the licence. Unable to pay his debts when they fell due, Nathan called us in under the relevant sections of the Corporations Act as administrator of Newcastle Jets Football Operations Pty Ltd, the company that held the Jets’ FFA licence.
“Then, a few hours later, the FFA took back the Newcastle licence on the basis of a series of breaches of the licence conditions.”
Mr Shaw met with FFA chief operating officer John Kelly and A-League head Damien de Bohun at Speers Point on Thursday.
He said the FFA had grounds for taking back the Jets’ licence, and he would not be challenging the decision. He was monitoring the interest a consortium led by Dundee United chairman Stephen Thompson was showing in the Newcastle licence.
Corporate records show Newcastle Jets Football Operations Pty Ltd is a $1 company owned by Hunter Valley Sports Group Pty Ltd, another $1 company owned in turn by Hunter Sports Group Pty Ltd.
Hunter Sports Group is also a $1 company, the sole share owned by Nathan Leslie Tinkler.
Couldn't organise a **** in a brothel with a fistful of fifties
"Jets owe me $15m: Tinkler"
Where's does the idea come from that putting money into a business can be recouped after putting it into administration?
Or is it just another poor choice of headline by the the Herald?
Nah common practice. He loans it from one company to a shelf company. Then it sits as a liability til the day he sells or goes bust.
That way he is the biggest creditor and gets to put his hand out first to be paid, or at very least dilutes every other creditors share so they give up trying.
but it is still a poor headline.
Generally the biggest bullies cry the loudest once you smack them in the nose.
Best part is Tinks would prob be sitting there thinking the Herald has given him a sympathetic headline, but I suspect they've gone for the exact opposite.
Tinks is as big a delusional fool as Stabbins. Tinks should get back to his pretend job in WA the big waste of space.
herald and Tinks lol what did he expect.
NATHAN Tinkler has agreed not to pursue almost $15 million he says he is owed by the Newcastle Jets until other creditors have been paid.
Jets administrator James Shaw said Mr Tinkler's decision to stand aside was an important step in sorting out the club's financial woes. Initial figures for Newcastle Jets Football Operations Pty Ltd (Administrator Appointed) showed liabilities of more than $4.7 million, including almost $800,000 in unpaid superannuation contributions, more than $700,000 to trade creditors and $2.5 million to the Tax Office.
But because the Jets had lost their only real asset when Football Federation Australia took back the club's A-League licence, any return to creditors depended on the FFA helping out.
"I will be speaking to the FFA again next week but the fact that Mr Tinkler has signed a deed of subrogation, agreeing not to pursue any rights he might have until the outcome for other creditors is finalised, is a good step forward," Mr Shaw said.
"It's true that the FFA is not obliged, legally, to put money into the deed of company arrangement.
"But from a community point of view, I am hoping that the FFA will agree to put at least some of the funds from the subsequent sale of the Newcastle A-League licence towards paying the Jets' creditors. And I would hope that Mr Tinkler standing back from that, and not pressing his claims, will help the FFA make a clean break and a quick, fresh start."
Mr Shaw said that without a deed of company arrangement, the company under administration would almost certainly go into liquidation, meaning none of the creditors would be paid.
He said a first meeting of creditors was set down for Panthers Newcastle on June 1 starting at 10am.
He said the only Jets assets were a car, a small amount of sporting equipment and some merchandise that was likely to be the intellectual property of the FFA, and so to be returned to the federation.
See your ad here
He said Mr Tinkler signed the two-page "deed of subrogation" on Friday. The deed says: "Mr Tinkler, by his execution of this deed, agrees to subordinate all amounts that may be owed to him, and his associated entities, by the Jets until the terms of the proposed Deed of Company Arrangement that provides for payments to creditors of the Jets, has been satisfied, and that he will procure whatever documentation the administrator of the Jets may require to give full effect to this deed."
http://www.theherald.com.au/story/30...-debts/?cs=305
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