Tinkler on the verge of financial disaster

September 4, 2012, 12:00 am Yahoo!7 Finance Yahoo!7

The mining magnate has received another major blow after missing a court-ordered deadline to pay about $20 million to building group Mirvac to settle a property deal.

Nathan Tinkler’s might be inching closer to the brink of financial disaster.

On Monday, the mining magnate received another major blow after missing a court-ordered deadline to pay about $20 million to building group Mirvac to settle a property deal.

According to Fairfax news reports,  Mr Tinkler had allegedly agreed to buy a site from Mirvac at Newcastle in July last year but failed to pay for it after the NSW government rejected his plans for a fifth coal export terminal at Mayfield.

Related: $85 million wiped off Tinkler's fortune

Mirvac has indicated it would take further legal action against Mr Tinkler’s Buildev Group.

"Despite an order from the Supreme Court of NSW that Nathan Tinkler's Buildev Group settle its contract with Mirvac's Domaine Steel River today, settlement did not take place," a Mirvac spokesman said.

"Mirvac intends to pursue its right 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."

Tinkler’s troubles came into focus earlier in August when he was accused of failing to meet the superannuation obligations of workers at his horse-racing stables and was unable to raise $28.4 million to fulfill an obligation to buy a 34 per cent stake in coal company Blackwood Corp.

On Friday, Blackwood told the ASX it had commenced the process [of] exercising its legal rights against Mulsanne (Mr Tinkler’s company) and would continue to investigate its options to seek recovery of the amounts outstanding.

Mr Tinkler, whose wealth was a whopping $915 million by BRW in May, took another beating when the Whitehaven Coal stock fell off the back of the mining tycoon pulling out of his takeover bid.

Mr Tinkler was understood to have lost a whopping $85 million.

He also failed to sell his racing and breeding interests to a Qatari sheik for about $200 million - about $100 million less than he had invested.

While the full extent of Mr Tinkler's debts has not been confirmed, The Herald reports corporate filings  indicate his maximum liability may be as high as $638 million.



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