tinkler on the brink, page-16

Coal baron Nathan Tinkler has received another blow with confirmation that developer Mirvac will seek to enforce orders in the NSW Supreme Court against two of his private companies.

Earlier this year the court ordered the two Tinkler companies, Ocean Street Holdings and guarantor Buildev Group, to complete the purchase of an industrial site in Newcastle, as agreed in July 2011.

The agreed purchase price was $14 million and the site was to be used as part of Mr Tinkler's proposed new coal terminal, which the NSW Government rejected in January.

Ocean Street did not go ahead with the purchase and Mirvac sued in the Supreme Court, which ordered Ocean Street and Buildev to pay about $17 million including interest, by September 1.

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On Monday Mirvac said it had not received the money and it intended to pursue its legal options. Proceedings were served on the companies earlier this week and Mirvac plans return to court next Monday.

A Mirvac spokesman this morning said the company would seek a sequestration order, allowing the court to appoint a representative to Ocean Street and Buildev, to recover the funds. Mirvac will also claim Ocean Street was in contempt of the Court, a civil offence.

Mr Tinkler, who has moved to Singapore, remains a director of both companies. Comment is being sought from a spokesman for Mr Tinkler.

Mr Tinkler's wealth was estimated at $915 million by BRW in May but has since slumped partly due to the falling value of his 21 per cent stake in Whitehaven. Whitehaven's share price peaked at $5.58 in April but has slumped since, and was trading at $3.10 earlier today.

Last month Mr Tinkler, who is believed to be under financial pressure, failed to come up with $28.4 million owed to Blackwood Corporation, under a share placement agreed in July.





Read more: http://www.smh.com.au/business/mining-and-resources/mirvac-moves-to-enforce-orders-against-tinkler-20120907-25iod.html#ixzz25l12aIBV