Insert Name Here aka The Ownership Thread

[Pico]

Tinkler company tax bills settled
By STEPHEN RYAN
Jan. 18, 2013, 10 p.m.


Nathan Tinkler

THREE Nathan Tinkler-associated companies settled their tax debts in Brisbane yesterday while a fourth is set to face the Federal Court in Sydney next month.
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A spokesman for Mr Tinkler said Tinkler Group Aviation, Aston Resources and TPV Newcastle all settled their disputes with the Australian Tax Office, but the spokesman declined to say how much money was paid.

The tax office began wind-up proceedings against another Tinkler-aligned company called Buildev Development (NSW) Pty Ltd before Christmas with a date set in the Federal Court for February 27.

Lawyers DLA Piper Australia lodged their notice of appearance on behalf of Buildev Developments last week.

The tax office declined to comment on the case yesterday while Mr Tinkler's spokesman said they were old matters that had already been reported.

The tax office filed the wind-up application on Buildev Developments (NSW) the day after it moved to liquidate eight Tinkler companies including the Hunter Sports Group, which owns the Newcastle Jets and Knights.

Documents filed with the Federal Court stated that the eight companies, including the Knights and Jets, owed a total of $3.19 million in unpaid tax

http://www.theherald.com.au/story/12...ettled/?cs=305

Another few down for tinks but can he keep it up.

[Pico]

Tinkler delivers Knights audit
By ROBERT DILLON
Jan. 18, 2013, 10:26 p.m.


Nathan Tinkler.

THE board of the Knights members’ club were delivered an independent audit yesterday that Hunter Sports Group officials said would prove all terms and conditions of Nathan Tinkler’s 2011 takeover had been honoured.
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The audit, conducted by Crosbie Warren Sinclair, was initially due on December15 but was deferred when Knights officials and the members’ club agreed on an extension until Monday.

The chairman of the members club, Nick Dan, said he had inspected the document briefly but would discuss it in detail with his fellow board members next week.

They have until January31 to rubber-stamp the auditors’ report or lodge any objections.

‘‘I’ve scanned it, but I have not yet sat down with it to go over it,’’ Dan said last night.

‘‘I’ve opened it up, had a look at some figures and put it on the weekend pile.

‘‘I want to give the other fellows a chance to look at it and get their feedback on Monday or Tuesday.’’

In a statement to Knights members, HSG chief executive Troy Palmer said there should never have been any concern that all stipulations would be upheld.

These included guaranteeing $10million in sponsorship, $2.5million in funding for junior development and $300,000 for the Newcastle Rugby League, and providing enough working capital for the day-to-day running of the club.
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“Completing this audit and hitting the milestones were never in doubt, which we had advised from day one,” Palmer said. “We are disappointed in the publicity that this has received when we have always shown our commitment to the Knights and this region.’’

Knights advisory board chairman Paul Harragon was confident there would be no need for extensions for the annual audit in future. It would also be a ‘‘much simpler process from here’’.

“This issue over the dates, through no fault of anyone, should never raise its head again and we are confident it will be a simpler process from here,” Harragon said.

http://www.theherald.com.au/story/12...-audit/?cs=306

HSG will be sweeting on this audit being accepted as is, that will cut that $20m bank guarantee in half.

[Raw Boned Youngster]

Whitehaven sorted, share prices to rise, Tinks looking good

[plague]

Tinks, still sticking it to tha man.
Probably sitting back with a beer having a laugh right now.

Love ya big fella.

[Grunta]

Whitehaven announced $40 something mil loss share price dropped 3% yesterday

[Pico]

ATO seizes Tinkler company cash
2 hours ago

Industries
Resources and Energy

The Australian Taxation Office has seized money from a private company linked to troubled coal baron Nathan Tinkler, after it failed to pay a $129,000 tax bill, according to the Australian Financial Review.

The newspaper reported that Oceltip, which Mr Tinkler part-owns with former business partner Matthew Higgins, failed to pay tax on royalty payments from the Middlemount mine in Queensland.

Mr Tinkler is entitled to 75 per cent of the royalty, which has a net present value of between $28 million and $34 million, and Mr Higgins is due 25 per cent.

Mr Higgins is suing Mr Tinkler, Oceltip and the trustee for the Tinkler family trust, accusing him of diverting $1.12 million worth of royalties owed to him to the trust.

Mr Tinkler denies the allegations.

Separately, the NSW Supreme Court last week heard that Mr Tinkler draws money from a $1.4 billion trust held in the name of his wife.

The one-time billionaire also declared a taxable income of just $9,834 in 2010/11, in the form of interest from bank accounts.

And he expects to have a similar taxable income for 2011/12.

The structure of Mr Tinkler's wealth was revealed during a liquidator's examination in the court.

http://www.businessspectator.com.au/...r-company-cash

April 5 fast approaching and we haven't heard any more about that jets tax debt being paid.

[Pico]

Nathan Tinkler believed a disgruntled ex-employee leaked commercially sensitive details of $700 million in loans from hedge fund Farallon Capital and others to the media, as concerns about his financial position intensified in November last year.

The revelations – which can be reported after a suppression order was partially lifted following a last minute settlement on Wednesday – is the latest in a spate of moves by the mining entrepreneur to tightly guard information about his solvency.

There was widespread reporting that Mr Tinkler’s loan – which was held against his 19.4 per cent stake in Whitehaven – could be called in after the value of his Whitehaven shares collapsed.

On Wednesday Whitehaven shares closed at their lowest point since May 2009, down 4¢ to $2.28.

The struggling mining entrepreneur’s solvency has been a matter of intense speculation for the past year, but court documents which can now be reported show he was so concerned about media speculation he sought a super injunction to prevent Fairfax media reporting details of his finances, some of which were already public.

The revelation that he took this unprecedented and extraordinary step to suppress the media from reporting on his financial affairs comes less than a week after he was forced to front court over a separate failed company and amid growing speculation about his liabilities.

Mr Tinkler relocated to Singapore last year in an attempt to escape the glare of the Australian media.

Since then a number of his companies have come close to going under, but a last-minute deal has always been nutted out.

The once rotund coal baron failed to obtain financing for a $5.25 billion takeover proposal for Whitehaven shortly after he had signed a deal with another coal company, Blackwood Corporation, to buy $28.4 million worth of shares last May. And then, in November, he lost a very public attempt to spill the board of Whitehaven, which has been plagued by operational issues at its coal mines and short selling on the back of dramas with its key shareholder.

Mr Tinkler’s luck executing last minute deals ran out with Blackwood after it filed an application to wind up his private vehicle Mulsanne Resources, which was placed in the hands of liquidators in November.

There has been ongoing speculation about Mr Tinkler’s financial position, after he took on huge levels of debt before the coal market turned in the middle of last year.

However only a handful of Mr Tinkler’s key lieutenants knew the details of the Farallon loans, one or more of whom Mr Tinkler now thinks leaked the details to Fairfax.

He obtained a super injunction to prevent Fairfax Media, publisher of The Australian Financial Review, printing details of the Farallon loan and demanded Sydney Morning Herald journalist Paddy Manning reveal his sources. The suppression order was partially lifted on Wednesday in Melbourne’s Supreme Court.

The loan was between Aston Resources, which merged with Whitehaven before the failed takeover attempt, Mr Tinkler and Farrallon.

In documents tendered before court in the Blackwood hearing last week, it was revealed Ray Zage, the managing director of Farallon subsidiary, Singapore-based Noonday Asset Management was in discussions with Mr Tinkler about funding the Blackwood deal, but ultimately was not prepared to take on the risk.

In court last week Mr Tinkler said he went to Noonday last year to help finance the Blackwood proposal, but was told no. “They had a lot on at the time and were cautious on the coal market,” he said. “They said they couldn’t look at it at the time.”

It also emerged the majority of Mr Tinkler’s assets were hidden in a family trust worth $1.4 billion, which he claimed held $600 million worth of liabilities.

Mr Tinkler is embroiled in a lawsuit with the former head of Aston Resources, Hamish Collins, over unpaid entitlements and is thought to have walked a number of employees out of the business last October after accusing them of leaking information to the media. Other Tinkler Group debts are thought to be held mostly against property.

http://www.brw.com.au/p/business/nat...NTfiNUwrK9pV5L

Explains the frosty relationship with The Herald.

[Pico]

Tinkler’s wife controls $1.4bn trust

Mining magnate Nathan Tinkler has revealed that he has a family trust, controlled by his wife, with $1.4 billion of assets and $600 million of liabilities against it.

Mr Tinkler told the NSW Supreme Court he was “asset rich and cash poor at the moment”. He did not explain how he valued the assets in the trust, held in his wife Rebecca’s name. The trust includes shares in Whitehaven Coal.

In a public examination following his private company Mulsanne Resources’s failure to come up with $28.4 million for Blackwood Corp shares he agreed to buy last year, Mr Tinkler was asked why he had only $9834 of income in 2010-2011, all of it from interest on bank accounts.

Mr Tinkler said he relied on distributions from a tax-effective unit trust in which his wife is the trustee and the sole unit holder. He said the only asset in his own name was a farm in Port *Macquarie worth about $700,000.

Mr Tinkler also said he had about $250,000 in joint bank accounts with his wife.

Robert Newlinds, SC, acting for the liquidator of Mulsanne, told the court the trust assets were relevant when considering whether they could be *pursued in the event Mr Tinkler was made bankrupt. Mr Tinkler said he did not know the overall distributions he received last year, but said they were usually made quarterly by his wife.


“I’m very lucky,” he told Mr Newlinds, who foreshadowed he would need to ask Mrs Tinkler questions about the trust.

Mr Tinkler said the trust’s $1.4 billion of assets included his shares in Whitehaven Coal. Other assets include his horse operation Patinack Farm, which he said could be sold for more than $100 million profit after repaying debt.

Mr Tinkler said other trust holdings included Aston Metals, which owns undeveloped copper assets and Hunter Ports and Hunter Rail, which have so far failed in attempts to develop *infrastructure projects.

Mr Tinkler admitted there would be liquidity issues if he attempted to sell some of his holdings. He did not reveal how he calculated the value of the trust’s assets, which in the case of the undeveloped projects would be highly subjective, but said: “They all have very good value.”

Under questioning about his failure to raise a promised $28.4 million to buy shares in Blackwood, Mr Tinkler said he had considered several forms of financing. His preferred option, a deal to sell his royalty over the Middlemount coalmine to Hong Kong commodities trader Noble Group, wasn’t executed amid falling coal prices.

“I quickly worked out I was hung out to dry,” he said of the failed deal.

Mr Tinkler said he had a line of credit with Westpac, but it could not be used for the placement because it was linked to Patinack Farm.

He approached investment banks and hedge funds such as Hong Kong’s Och-Ziff and Singapore’s Noonday for funding to buy the Blackwood stake, but he said he did not contact *commercial banks.

“Normal banks don’t understand my business model,” he said. “They don’t understand how I create my wealth.”

He then explained his wealth had been created by identifying attractive mining projects and then financing them by bringing in partners.

When asked what his Whitehaven shares were worth, Mr Tinkler said probably less than the headline trading value because his large stake could be harder to sell than individual shares.

“I don’t think it is unlikely you could sell them as a block,” Mr Tinkler said.

He said he didn't want to use his shares as security for Blackwood.

http://www.afr.com/p/markets/market_...jShblygovS1ZSK

Looks like Tinks keeps most of the important things in his wife's name so he's free to go around starting companies and projects with those important assets a lot safer, how safe I guess we might see soon.

[Pico]

Tinkler marriage split rumours

Nathan Tinkler told a packed courtroom a week ago he was ''very lucky'' to have access to tax-free income from his wife Rebecca's family trust, worth as much as $1.4 billion.

But Mr Tinkler's luck may be running out amid swirling rumour he has split with Rebecca, who has moved into their Maui mansion with their four children, aged four to 12.

Mr Tinkler, a Singapore resident, was seen at last weekend's Melbourne Grand Prix in close company with long-time executive assistant, Tinkler Group administration manager Jodie van Gilst.

Mr Tinkler's Hunter Sports Group had a car running in the second round of the Porsche Carrera Cup last weekend, driven by Steven Johnson and placing fifth.

A spokesman said Mr Tinkler and Ms van Gilst were at the grand prix on business and denied all suggestion of a split with his wife.

Over the previous two days Mr Tinkler was in Sydney giving sensational evidence in the Supreme Court, during examinations by the liquidator of his shelf company Mulsanne Resources, which was wound up last year over an unpaid $28.4 million debt to listed coal company Blackwood Corporation.

Mr Tinkler, who faced possible arrest if he did not turn up to the examinations, told the courtroom that his wife Rebecca was the sole trustee and unit-holder of the Tinkler Group Family Trust, which held most of the assets of his business empire including various properties, his 19.4 per cent stake in Whitehaven Coal, the unlisted explorer Aston Metals, the Hunter Ports, Hunter Rail and Hunter Sports Group, and the Patinack Farm thoroughbred stud.

Mr Tinkler declared just $9834 in personal taxable income in the 2011 tax year.

Mr Tinkler told Robert Newlinds, SC, the liquidator's barrister, that he was able to draw cash from his wife's trust tax-free.

''Is that what happens?'' Mr Newlinds asked, ''your wife gives you money from time to time?'' Mr Tinkler replied: ''I'm very lucky, yes.''

Mr Tinkler's financial situation has been subject of intense speculation as the value of his main asset, the Whitehaven stake, has fallen 40 per cent this year.

There has been a string of legal actions including initiation late last year by the Tax Office of wind-up proceedings against the entities that own football clubs the Newcastle Knights and Jets. The Knights dispute has been resolved but a dispute over the Jets tax bill is continuing.

Mr and Mrs Tinkler moved to Singapore's Sentosa Cove last year, although reports last September suggested they lived in separate, rented homes. Mr Tinkler's Queen St Property Holdings paid $US15 million for a six-bedroom mansion in Maui's exclusive Makena district in 2011.

A relative of Ms van Gilst's based in Queensland was not prepared to comment. Mrs Tinkler could not be contacted.

http://www.smh.com.au/nsw/tinkler-ma...#ixzz2OVNMfxlK

So HSG is tied up with this trust owned by Tinks Mrs, the Knights and Jets companies are both owned by HSG, so I guess we will be tied to this trust. Still no more mention of the tax bill being paid.

[Pico]

Tinkler walks away from racing
By MICHAEL SHARKIE
April 2, 2013, 9:39 a.m.

NATHAN Tinkler's Patinack Farm is officially on the market as the mining millionaire looks to walk away from his six-year-old racing and breeding business.

After months of speculation over the future of Patinack Farm and a possible dispersal sale to reduce existing stock numbers, Fairfax Media understands that the entire racing and breeding business, including stock and properties, is now on the market, with major international buyers tipped to be considering a total buy-out of the organisation.

Patinack Farm owns a major 3700 acre breeding property in the Hunter Valley of Sandy Hollow in New South Wales and a 1000 acre breeding and racing property at Canungra in Queensland, as well as holding stables at Randwick.

Patinack currently owns 10 stallions including Casino Prince, the sire of superstar All Too Hard.

The Patinack Farm business will continue to operate as normal until the business is sold.

http://www.theherald.com.au/story/14...racing/?cs=303

Not sure what this means as far as the tax debt that needs to be paid in 2 days time, unless that 4th April date has changed.

Another Article quotes a source saying Thompson, his head trainer, has visited stables and informed staff its all over & will be closed in 8 weeks time.

On the bright side if we go under GVE's contract would be voided too.

[plague]

Info came across this morning that May 1st was shutdown regardless if it sold or not.
Since then its been stated that it will remain open until a buyer is found.

[MFKS]

HE value of Gunnedah-based Whitehaven Coal continued to fall on Wednesday, trading for most of the day at less than $2 a share.

Nearly two-thirds of Whitehaven’s value has evaporated since April last year when it merged with Nathan Tinkler’s company, Aston Resources.

The share price graph shows a steady decline from the $5.48 closing price on April 19 last year to Wednesday’s close of $1.97.

In that time, Mr Tinkler’s 19.4per cent stake has fallen in paper value from $1billion to just $400million, substantially less than the $500million to $600million he estimated his borrowings to be at a recent court examination.

Neither Whitehaven nor the Tinkler camp offered comment on the dramatic share slide, which is viewed in the market as a mixture of the coal industry downturn and uncertainty over Mr Tinkler’s financial future.

Whitehaven has had to shut loss-making operations, while the Maules Creek mine it acquired from the merger is costing more and taking longer to build than was originally predicted.

[sh10]

I recommend buying Whitehaven shares now - the only way is up

[belchardo]

I recommend buying Whitehaven shares now - the only way is up

[MFKS]

Tinkler makes Jets, Buildev tax payments
By MICHELLE HARRIS
April 5, 2013, 10:35 a.m.

A STRING of Nathan Tinkler-linked entities including the Newcastle Jets and Buildev have made payments towards outstanding tax debts, the Federal Court in Sydney has been told this morning.

But the proceedings are still to be completely resolved, with all matters adjourned for a week or until next month while negotiations continue.

The Australian Tax Office had moved to liquidate Buildev Group and four related companies last year, chasing more than $620,000 in unpaid tax.

As well, documents previously filed with the court in Sydney said the Jets owed just over $1 million and the Hunter Valley Sports Group $184,000.

All cases returned to the court this morning, when a representative for the ATO said that ‘‘a payment’’ had been made in the relation to Buildev Group and BD (Qld) Project.

If that cleared within a week, the ATO would seek to discontinue its proceedings, although another creditor may then seek to be substituted in its place, the court heard.

Those matters, and another involving Buildev Development (QLD) were adjourned to April 12.

The Newcastle Jets, Hunter Valley Sports Group and Buildev Aviation had also made payments, and the parties sought a six-week adjournment to allow further negotiations.

An adjournment until May 17 was also sought for the ATO’s proceedings against Buildev Development (NSW).

The court was told the defendant wanted to file evidence that it was still solvent.

.

[Grimario]

http://www.theage.com.au/business/ti...508-2j7z7.html

Embattled coalminer Nathan Tinkler and his wife could be made bankrupt over $440,000 in allegedly unpaid bills to a corporate adviser.
In the latest in a series of lawsuits targeting Mr Tinkler, corporate adviser BKK Partners has for the first time directly sued Rebecca Tinkler, who is trustee of the family trust.
BKK has filed two suits in an attempt to recover the money - one against Tinkler Group in the Federal Court, and the other against Mr and Mrs Tinkler in the NSW Supreme Court.

In a separate action in March, Mr Tinkler told the NSW Supreme Court that the Tinkler Group Family Trust
held assets of about $1.4 billion, but had debts of up to $600 million, and that Mrs Tinkler controlled the trust.
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BKK was hired by Mr Tinkler in March last year to advise him on what turned out to be a failed bid to take over Whitehaven Coal for $5 billion.
According to a statement of claim filed with the NSW Supreme Court, the advisory group was to be paid a retainer of $50,000 a month.
While Mr Tinkler paid some of the invoices received, he allegedly failed to pay a November invoice for $220,000 and a February invoice for the same amount.
''The retainer agreement was entered into by Nathan Tinkler on behalf of the Tinkler Group, as well as its affiliates and related parties, which includes Nathan Tinkler personally and his wife, Rebecca Tinkler, who we understand is the trustee of the Tinkler Family Trust,'' Marc Ryckmans, a partner at legal firm Somerset Ryckmans, told BusinessDay.
''If we are successful in obtaining a judgment against them, then BKK would be entitled to commence bankruptcy proceedings against Nathan Tinkler and his wife.''
Mr Tinkler's lawyer at DLA Piper declined to comment when contacted by Fairfax Media.
BKK's other case against the Tinkler interests is a winding-up application filed in the Federal Court in NSW against the Tinkler Group over unpaid fees of $220,000, an amount also claimed in the Supreme Court proceeding.
In April Mr Tinkler rid himself of two of his other court cases after paying a tax bill and settling a royalties dispute with former business partner Matthew Higgins.
Last week in the NSW Supreme Court, Ferrier Hodgson, the liquidator of another of Mr Tinkler's companies, Mulsanne Resources, alleged that Mr Tinkler, fellow director Matthew Keen and in-house lawyer Aimee Hyde traded while insolvent and breached their duties to the company.

[GazFish35]

The sky is looking closer to the ground today

[Pico]

COAL baron Nathan Tinkler has settled four outstanding debts with the Australian Taxation Office, including unpaid tax relating to his Newcastle Jets football club and Hunter Valley Sports Group.

Mr Tinkler has reached an in-principle settlement with the tax office over the debts.

In the Federal Court today, a lawyer for the Deputy Commissioner for Taxation said there had been a “meeting of the minds” between Mr Tinkler and the ATO about debts owed by four of his companies.

The companies include the Newcastle Jets Football Operations, Hunter Valley Sports Group, Buildev Aviation, and Buildev Development (NSW).

Hunters Valley Sports is the owner of the Newcastle Jets Football Club and the Newcastle Knights rugby league team.

The Federal Court was told that “a proposal had been accepted” by the Tax Office and Mr Tinkler but that both parties wanted more time to settle.

Earlier this year, Mr Tinkler’s Buildev Group and four related companies were reported to have owed the ATO more than $600,000.

He was also originally being pursued over a large debt owed by the Hunter Valley Sports Group to the ATO.

But in April, lawyers for the Tax Office told the Federal Court there were no more debts owed by Buildev Group, Buildev Development (Queensland), and BD (Qld) Project G075, though two of those cases were not dismissed because another creditor wanted to be substituted.

However, on Friday that substituted creditor agreed to settle with Mr Tinkler on matters involving Buildev Group and BD (Qld) Project G075.

The judge ordered that both those proceedings be dismissed with parties to pay their own costs.

http://www.theherald.com.au/story/15...-debts/?cs=305

Looks like it has at least stopped falling for now.

[belchardo]

anybody want to buy a house?

seven-bedroom, five-bathroom country estate, on four hectares on Brisbane's outskirts, features a home cinema, a gym, a climate-controlled wine cellar that can house 3500 bottles and a nine-car garage

a bar, complete with beer tap, that looks out to a pool with two waterslides.

The 1600-square-metre home is spread across two levels and also has a pool room with a blue felt table, vintage arcade game cabinet, a foosball table and a jukebox.

An indoor teppanyaki grill seats eight people and there is also a fully appointed beauty salon and solarium.

Outside, the property has a floodlit tennis court, a two-bedroom guesthouse and a vast manicured front lawn

http://smh.domain.com.au/real-estate...521-2jyc7.html

[skippy]

anybody want to buy a house?



http://smh.domain.com.au/real-estate...521-2jyc7.html

Can guarantee that the gym hasn't been touched since Tinks bought it