Tinkler on the brinkler...trouble for the Knights?

[Coxy]

http://www.theage.com.au/business/t...er-17m-deal-20120903-25agm.html#ixzz25RST1nKm

COAL baron Nathan Tinkler yesterday edged closer to the brink of financial disaster after failing to comply with a court order to pay Mirvac about $17 million to settle a property deal.

Two of Mr Tinkler's private companies agreed to buy an industrial site in Newcastle from Mirvac in July 2011 but failed to settle after the New South Wales government knocked back his plans for a fifth coal export terminal at Mayfield.

Mirvac sued and on August 1 the Supreme Court of NSW ordered Tinkler's Ocean Street Holdings and guarantor the Buildev Group to complete the purchase, stipulating an effective deadline of 5pm yesterday. A spokesman for Mirvac yesterday said despite the court order, ''settlement did not take place''.

''Mirvac intends to pursue its rights in relation to this matter to ensure that effect is given to the court's orders and that the contract for the sale is completed.''

Read more: http://www.theage.com.au/business/t...er-17m-deal-20120903-25agm.html#ixzz25RXBQrpG

If Tinkler goes broke I'd say that'd come close to killing the Knights.

 

[Twiztid]

http://www.theage.com.au/business/t...er-17m-deal-20120903-25agm.html#ixzz25RST1nKm



If Tinkler goes broke I'd say that'd come close to killing the Knights.

Wouldn't he have $17 million sitting in his car's ash tray?

 

[Huge]

Mirvac are cranky their sale didn't go through but it's hard to see how any court could force Tinkler to buy something of little use to him, irrespective of the fact he wanted the place earlier. I think it more likely a court may force him to pay Mirvac for their inconvenience ,probably a sum far less than the original asking price....In any case it doesn't seem like it would be too much for him to bear. The Knights should be okay I think.

 

[m1c]

He's always had cashflow problems, not to mention it's easier to draw blood from a stone than to have him pay his bills on time. I'd be very surprised if he's in any kind of real financial risk.

Asset rich, cash-in-hand poor.

 

[Coxy]

Mirvac are cranky their sale didn't go through but it's hard to see how any court could force Tinkler to buy something of little use to him, irrespective of the fact he wanted the place earlier. I think it more likely a court may force him to pay Mirvac for their inconvenience ,probably a sum far less than the original asking price....In any case it doesn't seem like it would be too much for him to bear. The Knights should be okay I think.

Fair enough, and I hope so. I think private ownership is the way of the future for all NRL clubs and if this fell through along with the ongoing bitterness and bickering the Manly ownership have, and Michael Searle's alleged corruption/incompetence, it's not good advertising for the concept.

 

[Kaz]

Tinkler is known to be a slow payer.

Reading reports about the Whitehaven deals etc that he withdrew from, is hinting about his money woes.

 

[Bull Shark]

http://www.theage.com.au/business/t...er-17m-deal-20120903-25agm.html#ixzz25RST1nKm



If Tinkler goes broke I'd say that'd come close to killing the Knights.

If Tinkler kills the knights the knights will probably kill him.

 

[Kaz]

If Tinkler kills the knights the knights will probably kill him.

Well they will have to find him in Singapore, as that's where he is living now.

 

[Kimlo]

If I ever have 40 million I'll just retire.

I mean really, 40 million or 60 or 80 million, there's no real difference.

 

[ningnangnong]

I don't think this will have an impact on the Knights, but if it somehow does, there is no way the Knights would 'die'. Newcastle is a rugby league heartland, so if some other businessman/woman, investment company or whatever didn't step in, then I'm sure the NRL would do something to alleviate the situation.

 

[Bull Shark]

If I ever have 40 million I'll just retire.

I mean really, 40 million or 60 or 80 million, there's no real difference.

F**K yeah ...

 

[Bull Shark]

I don't think this will have an impact on the Knights, but if it somehow does, there is no way the Knights would 'die'. Newcastle is a rugby league heartland, so if some other businessman/woman, investment company or whatever didn't step in, then I'm sure the NRL would do something to alleviate the situation.

yeah there's no way Newcastle would ever be without an NRL side ...

 

[Kaz]

I don't think this will have an impact on the Knights, but if it somehow does, there is no way the Knights would 'die'. Newcastle is a rugby league heartland, so if some other businessman/woman, investment company or whatever didn't step in, then I'm sure the NRL would do something to alleviate the situation.

Tinkler gave them 20 million bank guarantee.

Yet he hasn't paid the superannuation payments for his staff in his horseracing interests since November last year.

That's what pisses me off, that the NRL will step in again to save the Knights. (I don't think the NRL should keep bailing them out)

 

[ningnangnong]

That's what pisses me off, that the NRL will step in again to save the Knights. (I don't think the NRL should keep bailing them out)

No, they shouldn't keep bailing them out, they should find a solution so this crap doesn't happen.

Having no rugby league team from Newcastle in the NRL would be an absolutely massive blow.

But hey, I know your opinion of Newcastle and its people, so there's no point trying to tell you.

 

[Kaz]

But hey, I know your opinion of Newcastle and its people, so there's no point trying to tell you.

The 'funny' part is, I used to like the Knights until we heard about the drugs etc.

I even went for them in the 1997 GF. :scared:

 

[Coxy]

The 'funny' part is, I used to like the Knights until we heard about the drugs etc.

I even went for them in the 1997 GF. :scared:

They were playing Manly. Everyone went for them.

 

[Kaz]

But the Knights were my second team.

 

[Foordy]

Mirvac are cranky their sale didn't go through but it's hard to see how any court could force Tinkler to buy something of little use to him, irrespective of the fact he wanted the place earlier. I think it more likely a court may force him to pay Mirvac for their inconvenience ,probably a sum far less than the original asking price....In any case it doesn't seem like it would be too much for him to bear. The Knights should be okay I think.

unless there was a stipulation in the contract stating that the sale would only have to take place on the proviso that Tinkler could put his coal terminal on the property. if not, the courts could absolutely order him to complete the sale.