Wednesday, 20 March 2013

Team Tinkler cops new orders to produce

Nathan Tinkler leaving the NSW Supreme Court.
Photo: SiN Images
NATHAN Tinkler and his inner circle of advisers have been ordered to leave no hard drive unexamined in pursuit of any reference to plans by Tinkler's Mulsanne Resources to buy into emergent Queensland coal play, Blackwood Corporation.

The orders were made late on Friday, March 15 by Supreme Court judge Paul Brereton

The judge spent two days listening to Tinkler and his cohorts being grilled by lawyers acting for Robyn Duggan and John Melluish of Ferrier Hodgson, who are joint liquidators of Mulsanne Resources.

SiN Feature: Tinkler's liquidators get personal

THE spectre of bankruptcy looms over Nathan Tinkler after lawyers probing the failure of the coal baron’s Mulsanne Resources switched the focus to his personal finances and the family trust controlled by his wife.

Robert Newlinds SC, conducting a public examination on behalf of Mulsane’s liquidators, told the court last Friday that Tinkler declared taxable income for the financial year to June 30, 2011 of $9,834.00.

Tinkler confirmed that apart from $250,000 in various joint bank accounts, he relied on his wife for handouts.

“I’m very lucky, yes,” he said with a straight face.

For the previous day and a half Nathan Leslie Tinkler had been quizzed on the events leading up to Mulsanne’s default on a $28.4 million obligation to coal explorer Blackwood Corporation.

Tinkler signed a Share Placement Agreement (SPA) on May 6, 2012, committing Mulsanne to purchasing a third stake in Blackwood, which is 51 per cent owned by global commodities house Noble Group.

He formally defaulted on his obligation to pay the agreed $28.4 million on July 19, 2012. The liquidators’ examinations come six months after Blackwood ran out of patience and applied to have Mulsanne wound up.

Ferrier Hodgson’s Robyn Duggan and John Melluish were appointed joint liquidators on November 20, 2012. They have been investigating Mulsanne’s affairs and the events leading up to and since its default.

The sudden shift in questioning last Friday brought Tinkler’s lawyer, Alec Leopold SC
indignantly to his feet. What did Tinkler’s taxable income have to do with Mulsanne, he objected?

Tuesday, 19 March 2013

Olde trumps Wily despite $25k cap

Andrew Wily
Photo: SiN Images
TAYLOR Wooding’s Quentin Olde has edged out Andrew Wily to be appointed liquidator of Alatus Pty Ltd.

Alatus's director and co-shareholder Edward Mandla had applied to have the company wound up. His liquidator of choice was Olde.

But Stepan Stepanian, who holds the other half share in the company, and is listed as second defendant after Alatus, had other ideas.

Friday, 15 March 2013

Tinkler's notebooks telling no tales - yet

Nathan Tinkler
Photo: SiN Images
LIQUIDATORS Robyn Duggan and John Melluish are playing a long game with slimmed down coal upstart Nathan Tinkler.

The public examinations into the failure of Tinkler's Mulsanne Resources are intended to help the Ferrier Hodgson
duo determine if an action for breach of director’s duties is an option.

Whether this will ultimately lead to any recoveries for Blackwood Corporation, the creditor that sought Mulsanne’s winding up and is funding the examinations, is anyone’s guess. But they obviously think the fishing expedition worthwhile.

Monday, 11 March 2013

Lombe to oust Ozem if Obeid DoCA voided

David Lombe
Photo: Deloitte
DELOITTE's David Lombe is queued to liquidate the Obeid-backed Streetscape Projects if an application before the NSW Supreme Court succeeds.

Filed by major unsecured creditor City of Sydney Council, the application seeks to reverse a controversial deed of company arrangement (DoCA) executed on August 9, 2012 at a meeting of Streetscape’s creditors.

Friday, 8 March 2013

EXCLUSIVE: Mother who fled hospital aided Obeid in Streetscape stoush

Alan Sullivan QC for City of Sydney Council
Photo: SiN Images
BELINDA Burcham, the woman who sparked a frantic search after vanishing from a Sydney hospital over New Year, allegedly “procured” proxy votes ahead of a critical meeting of creditors of Moses Obeid’s Streetscape Projects.

The meeting, held on August 9, 2012, saw Streetscape avoid liquidation only after voluntary administrator Ozem Kassem used his casting vote as chair of the meeting to break a deadlock between creditors.

Some of those creditors, including known Obeid associates and former employees, voted in favour of a deed of company arrangement (DoCA) proposed by Moses Obeid. The DoCA promises a return to creditors of no more than 3c in the dollar.

Others, including major unsecured creditor City of Sydney Council, wanted Streetscape wound up and a liquidator appointed.

Kassem, as chairman of the meeting was holding creditor proxy votes directed in favour of the DoCA. To break the impasse he voted the proxies endorsing the DoCA.

Wednesday, 6 March 2013

Bentleys' Barnet examined on viable voidables

Bentleys Katherine Barnet leaving the Supreme Court
Photo: SiN Images

Being cross-examined can’t be fun for any liquidator and Katherine Barnet won't feel like the one who dodged the bullet after fronting the NSW Supreme Court yesterday. 

The insolvency specialist and director at Bentleys Corporate Recovery was brought in to talk about failed property investment group Octaviar.

She began by getting confused about which of the two witness boxes to occupy.

Perhaps the courtroom atmosphere was distracting. It smelt like the aftermath of a prolonged inundation.

Then, having been sworn in and seated, Barnet faced six senior counsel - including Bernie Coles QC.

Along with her Bentleys’ colleague William Fletcher, Barnet is official liquidator of Octaviar Administration Pty Ltd and Octaviar Limited.