Tinkler liquidator questions on hold
He was to appear in the NSW Supreme Court on Friday morning to be examined over Mulsanne's failure to pay $28.4 million for a major stake in listed coal explorer Blackwood Corporation.
After the matter was adjourned to 2pm for talks between the parties, Mr Tinkler's barrister, Alec Leopold, SC, told the court he would be seeking a stay of the proceedings.
He said the same solicitor had acted on behalf of Mulsanne's liquidator Ferrier Hodgson, Blackwood and a major shareholder.
Mr Leopold also said the liquidator had meetings with Blackwood and the major shareholder. "The liquidator is not acting in the interest of the creditors as a whole," he said.
The liquidator's barrister, Robert Newlinds, SC, said the application was nothing more than a stunt.
He said there was nothing improper about the liquidator meeting Blackwood, or sharing the same solicitor.
The coal company was by far the biggest creditor and others were small claims from other companies owned by Mr Tinkler.
The stay proceedings have been adjourned until Monday, with the public examination of Mr Tinkler and other Mulsanne directors listed for Thursday.
Blackwood sued Mulsanne Resources after Mr Tinkler's company agreed last July to buy a 33.85 per cent stake in it for $28.4 million.
Mulsanne then failed to follow through with the deal.
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Nathan Tinkler was due to be examined by the liquidators of his company Mulsanne Resources in the NSW Supreme Court after a dispute over a failed payment. His lawyers sought to stop or stay those proceedings, and the hearing was adjourned for talks and further court consideration.
The liquidators want to examine Mr Tinkler and fellow Mulsanne directors because Mulsanne failed to pay $28.4 million for a major stake in listed coal explorer Blackwood Corporation, and Blackwood has sued over the unpaid deal.
Last July Mulsanne agreed to buy a 33.85% stake in Blackwood Corporation for $28.4 million. Mulsanne then failed to follow through with the payment, prompting Blackwood to sue and the liquidators to investigate.
The liquidator named in the reporting is Ferrier Hodgson. Nathan Tinkler’s barrister is Alec Leopold SC, and the liquidator’s barrister is Robert Newlinds SC. The article also notes claims about a solicitor who acted for multiple parties.
Mr Tinkler’s barrister alleged the same solicitor acted for Ferrier Hodgson (the liquidator), Blackwood and a major shareholder, and said the liquidator had met with Blackwood — arguing this suggested the liquidator wasn’t acting in the interests of all creditors. Those were allegations made in court.
The liquidator’s barrister described the application as a ‘stunt’, saying there was nothing improper about the liquidator meeting Blackwood or sharing the same solicitor. He also noted Blackwood was by far the biggest creditor, with other claims being relatively small.
The stay application was adjourned until Monday for further consideration, and the public examination of Mr Tinkler and other Mulsanne directors was listed for Thursday, according to the report.
A stay of proceedings is a court order pausing or halting the current legal process. In this case, Mr Tinkler’s lawyers sought a stay to stop the liquidator’s court examination of him and other directors while the stay application is considered.
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