Tinkler in bold move to unload racing empire for $200 million

[Zither 0]

Mining entrepreneur Nathan Tinkler is trying to sell his horse racing and breeding assets. He invested about $A300 million over four years to build his racing company, Patinack Farm. He tried to sell the company to a Qatari sheik for $A200 million in June 2012. Tinkler needs finance for a coal sector acquisition. On 16 August, Magic Millions said that it will sell about 350 of Patinack's horses in a special sale in October. It is thought that Tinkler

has received a cash advance of about $A20 million; Original article by Tom Reilly and Paddy Manning; The Age; 17 August 2012;

[eastern whipbird 82]

It's actually a 6 year cycle for these guys. 2 years to come in; 2 years to find out that its a financial disaster and 2 years to get out. Tinkler right on target.

[redasurc 0]

Sticking to ones knitting is most often best

[Lloyd Vivian 742]

It's actually a 6 year cycle for these guys. 2 years to come in]

What's that old saying again???? If you want to make a small fortune from the racing game.....

It's certainly not as easy as some seem to think when they first become enamoured with the game. Unless your money keeps bubbling out of the ground, these guys all seem to realise at some point "if I continue throwing this amount of money at this - I'm going to be broke some time soon!"

Sad though, as the game needs BIG investors...

[fordman 1]

guys hes only down sizing paying 500k a week to have all them adds up guess he wants get quality not quanity with his mares weren't

[Berri 2,131]

http://www.smh.com.au/business/has-nathan-tinklers-luck-run-out-20120816-24bku.html

[The Apprentice 1]

In the Building Industry, one always hopes the Subbies get paid. Often, most often, they don't and the Developer still drives away in his luxury SUV, retires to his beachfront Hacienda, only to start the whole process again under another banner!

This one will be interesting.

[puha 2,177]

In the Building Industry, one always hopes the Subbies get paid. Often, most often, they don't and the Developer still drives away in his luxury SUV, retires to his beachfront Hacienda, only to start the whole process again under another banner!

This one will be interesting.

Signature homes in Hawkes Bay is a classic example of that situation.Left many subbies out of pocket close down the local Francise and carry on as normal elsewhere.

[Lloyd Vivian 742]

Years ago 'Heartland Homes' nearly got me too! I was one of the fortunate ones who got my money out of them before it all turned to custard. You've got to learn to see the signs, I reckon; when the payments get slow and excuses start being made -STOP working!!

[pogo 0]

zelda says , 'all good things are coming to those with weight so leave the fatman alone because now he has Snowden working for him things will be rosie "

[Lloyd Vivian 742]

zelda says , 'all good things are coming to those with weight so leave the fatman alone because now he has Snowden working for him things will be rosie "

I dunno Pogo - is Snowden experienced/knowledgeable enough to work for a REAL expert???? And why would he want to join the line............?????

[redasurc 0]

Billionaire Tinkler facing 'mutiny' over failure to pay employee super contributions

THE horseracing empire of self-made mining magnate Nathan Tinkler is in deep financial crisis after having failed to meet the superannuation payments of its workers since November.

Internal documents from Mr Tinkler's racing company, Patinack Farm, show staff are on the point of "mutiny" after a series of failed promises to have the unpaid super made up. It is also understood that, following complaints from employees, the Australian Taxation Office has begun an investigation.

In one internal email seen by the Herald, staff were told the delay was due to "cash flow management", while in another correspondence a member of the accounts team admits: "It's very frustrating for everyone - I haven't got mine either!"

A staff member said it needed to be resolved soon ''or there's going to be a mutiny''.

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The failure of Patinack to meet its wage responsibilities comes as Mr Tinkler, who BRW estimated to be worth $915 million, was last week unable to raise $28.4 million to fulfil an obligation to buy a 34 per cent stake in the listed coal company Blackwood Corp.

On Friday the Herald revealed Mr Tinkler unsuccessfully tried to sell his racing and breeding interests to a Qatari sheikh for $200 million, about $100 million less than he has pumped into the sport in the past four years.

A Patinack worker who asked not to be named said staff were deeply upset at their treatment by Mr Tinkler.

"This guy's supposed to be a billionaire, so why can't he pay people what they're due? There's a lot of anger and frustration amongst the staff."

He added: "There's a sense that the whole Tinkler house of cards could collapse. People are definitely worried we won't ever see this money."

Having failed to offload the whole racing operation - which is costing him in the region of $500,000 a week - to Sheikh Fahad al-Thani, Mr Tinkler will sell 350 horses in October through the Magic Millions sales company owned by the retailing billionaire Gerry Harvey. Racing sources believe Mr Harvey has given Mr Tinkler a cash sum in advance of the sale of about $20 million to help his cash flow.

On Saturday Mr Tinkler suffered disappointment on the track when his best colt, All Too Hard, a half brother to champion Black Caviar, failed to win a group race despite being a heavily backed odds-on favourite.

Should the colt continue to perform poorly, it would soon affect its estimated $10 million value as a potential stallion.

Mr Tinkler has a reputation as a master deal maker after building his fortune on the back of a $500,000 loan to buy a coalmine in which others saw no potential.

He is now attempting to privatise the mining company Whitehaven, in which he holds 21 per cent of the stock. To succeed in that $5.3 billion deal, he needs to raise at least $1 billion from partners.

But Mr Tinkler's Whitehaven stock has slumped recently. On Friday his shares were worth $778 million, down from $1.2 billion in April.

Under federal law, employers are supposed to make super contributions at least every three months. Wage slips for employees still state that contributions are being made, though no money is arriving in super funds.

Mr Tinkler's spokesman declined to comment last night.

Sydney Morning Herald

August 20, 2012

[redasurc 0]

Creditors send debt collectors to Tinkler

NATHAN TINKLER may be one of Australia's richest men but he has left a trail of debt devastating business owners from the upper Hunter to Queensland.

Dozens of businesses, mostly small start-ups, are chasing debts totalling more than $1 million from Mr Tinkler's companies.

Some people have been forced to re-mortgage their homes, while others have had to increase overdrafts or sell their cars.

Fairfax reported yesterday that Mr Tinkler, who BRW estimates is worth $915 million, had failed to meet superannuation payments for workers at his racing company, Patinack Farm, since November.

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In the past 10 months, seven businesses have successfully taken court action to recoup outstanding debts from Patinack Farm and the building company Bolkm, the construction arm of Mr Tinkler's Buildev Group.

Others have employed debt collectors or negotiated to accept Tinkler-company assets in lieu of payment.

Mitch Fraser's Maitland building firm, Fraser Commercial, was placed in voluntary administration this month, with Bolkm the main debtor. At one stage Bolkm owed the company more than $200,000 but the debt is now down to $33,000.

Mr Fraser said he sold everything he could, including his car, in an effort to pay debts. ''They had us on the drip for a long time. We were barely surviving and I was at my wits' end,'' he said.

''It is unbelievable that this is happening when you look at Tinkler's high-rolling lifestyle. He bought the [Newcastle] Knights and the Jets but so many people can't get paid what they are genuinely owed.''

Recent Bolkm projects include work on Newcastle Port Corporation's $3.4 million port centre.

A spokesman for the corporation confirmed it was ''making representations'' to Bolkm after complaints from sub-contractors about ''non-payment of accounts''.

The creditors are asking how a company backed by the self-made mining magnate can be in such financial hardship that it cannot pay bills of $1200.

Nearly all the businesses Fairfax spoke to were paid some money initially, with the promise of the rest later. Debts range up to almost $100,000.

Alice Russell, who runs Mudgee Chaff and Grain Milling, was owed $17,000 for supplying horse feed to Patinack Farm but the debt is now down to $3500.

''We always felt sorry for the Patinack employees; it wasn't their fault. But … I want nothing more to do with his [Tinkler's] business,'' she said.

A roofer, Rob Atherton, who is owed $50,000 for work he did for Bolkm, said he had not paid himself for more than a month to make sure his employees' entitlements were up to date.

''They just keep telling you lies that it will be paid on this day and that day, it really pisses you off,'' he said.

Last night Mr Tinkler's spokesman said: ''We pay our creditors on an ongoing basis''. He added: ''With many commercial agreements there are disagreements from time to time.''

Sydney Morning Herald

August 21, 2012

[DICKSON CIDER 9]

The old story, the ones with the most money are always the last to pay you.

[pogo 0]

http://www.smh.com.au/business/cards-turn-on-tinkler-the-gambler-20120824-24s1j.html

[The Apprentice 1]

This one will be interesting .

[Winner69 136]

Not having much luck at the mo is Tinkler .....in business and with his horses

All to Hard not firing and the hot in the Group 1 at Sydney laid by many cafers duly obliging by not even running a place

[Memphis 1]

Apparently he is keen on buying a string of pie factories

[Winner69 136]

And Mr Tinkler doesn't seem to be making many appearances at big race days .... the press pretty mean really

http://www.smh.com.au/sport/horseracing/punters-ponder-tinklers-absence-20120915-25zdu.html

[Lloyd Vivian 742]

Not having much luck at the mo is Tinkler .....in business and with his horses

All to Hard not firing and the hot in the Group 1 at Sydney laid by many cafers duly obliging by not even running a place

Reminds me of that old song from the 60's was it? - "When you're hot - you HOT! ..and when you're not....!!!!"

[kmhood 1]

It is quite sad really how someone with so much money, throws it at the horses to dream the dream and be someone important to racing/breeding/selling, then runs into hard times and sells up. It affects so many people employed in the industry and takes so many down the slippery slope with them. It is these people one has to be sad for as they have to find other jobs, not easy in this market. Most would have families to care for.

[chelseacol 2,488]

It is quite sad really how someone with so much money, throws it at the horses to dream the dream and be someone important to racing/breeding/selling, then runs into hard times and sells up. It affects so many people employed in the industry and takes so many down the slippery slope with them. It is these people one has to be sad for as they have to find other jobs, not easy in this market. Most would have families to care for.

Sad all around.

While he may or may not be particularly likable, it is very sad that someone who invests in the industry runs into problems like this. Think every dollar is needed,,,,

[kmhood 1]

Sad all around.

While he may or may not be particularly likable, it is very sad that someone who invests in the industry runs into problems like this. Think every dollar is needed,,,,

So sad all around - racing has also lost out a colourful character.