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

[Kimlo]

+1 The Bennett thing is over, don't want him back.

 

[Dexter]

And the other half of Brisbane's fans saying the same.

I was sure we had more than 2 fans.

 

[Kaz]

NATHAN Tinkler could face the risk of personal bankruptcy, depending on liquidators' findings, after the latest chapter in his financial rodeo unfolded before the courts yesterday.

A court yesterday ordered his Mulsanne Resources be liquidated over a failed $28.4 million debt to Blackwood Corporation.

But a spokesman for Tinkler Group said the court's ruling would not affect its stable of other companies, which include Hunter Ports, International Ports and Logistics, Hunter Sports Group and Patinack Farm.

http://www.dailytelegraph.com.au/ne...-on-a-cliff-edge/story-e6freuy9-1226520741541


Receivers appointed to Nathan Tinkler's Patinack Farm company

RECEIVERS have been appointed to another of Nathan Tinkler's companies as the coal entrepreneur's empire continues to crumble.

Mr Tinkler’s Patinack Farm Administration – a company associated with the racehorse empire for which he vastly overpaid – will be wound up after a ruling by the Federal Court in Adelaide.

The court ordered the appointment of Adelaide-based insolvency practitioners Anthony Matthews & Associates to wind up the company, following legal action by creditor Workcover Corporation of South Australia mid-last month. The New South Wales Office of State Revenue had also been chasing the company over unpaid debts.


http://www.theaustralian.com.au/bus...m-administration/story-e6frg9df-1226521278397

 

[Kimlo]

This is why if I ever have more than 10 million I will retire. What's the point? 20 million? 30 million? 40 million? It's all the same.

 

[Bucking Beads]

This is why if I ever have more than 10 million I will retire. What's the point? 20 million? 30 million? 40 million? It's all the same.

I reckon you would be surprised how quick you could spend 10 million especially when you aren't working. If I did win big money I think I'd need to buy a business or something to keep me busy.

 

[Fozz]

All those fair weather friends to feed, it adds up.

 

[Kimlo]

I reckon you would be surprised how quick you could spend 10 million especially when you aren't working. If I did win big money I think I'd need to buy a business or something to keep me busy.

Well if you spend 5 million on real estate and rent it out you'll get like roughly 5k per week, 2.5k after tax per week. You can live pretty nicely with that income and. You'd still have a Ferrari parked in your mansion with savings to spare too haha.

 

[subsbligh]

Well if you spend 5 million on real estate and rent it out you'll get like roughly 5k per week, 2.5k after tax per week. You can live pretty nicely with that income and. You'd still have a Ferrari parked in your mansion with savings to spare too haha.

Estimate's on what Tinkler (or any other big business player) are worth are based on a pretty loose method and no doubt not close to his actual equity (i.e. assets - liabilities) worth.

He wouldn't have $40M sitting in a bank.

Also, the reason he is up against it is his investments are all in mining. Very lucrative over the long term and decent cash cows in the productive phase but you've got to have buckets of cash until your assets come good. Unexpected downturn in coal price all of a sudden makes your project cash negative (i.e. you have to pour millions in to keep it going in hope of reaching the good times of massive profit territory) and puts you on the bench for another 5 years (and your assets are at that point worth didly squat versus what you owe).

e.g. BHPs and Rio Tintos just park their gear up, close down the site and wait it out for 5 years until all the small players go bust, coal then goes into short supply, price of coal goes back up, big players come back in the game.

Cash is king.

 

[Kimlo]

Yeah I guess it does make sense what you're saying, the $40m is probably a complete guess and he definitely wouldn't have it in cash readily available. As for mining I don't know much about anything relating to mining haha.