Tinkler warned over failure to show
A spokesman for Mr Tinkler did not return calls on Wednesday but the former billionaire was due to fly in from Singapore to attend the court and face questions over a $28.4 million debt Mulsanne owed to listed coal explorer Blackwood Corporation, under a share placement agreement reached last year.
Attempts to settle the dispute - including an unfunded 30¢-a-share takeover offer from Mr Tinkler's Singapore-based Cayenne Coal - have so far failed and on Tuesday Mr Tinkler's attempt to stop the examination proceedings over an alleged "abuse of process" were dismissed as "tenuous" by Justice Paul Brereton, with indemnified costs awarded to the liquidator.
Blackwood confirmed on Wednesday that while talks had been held with Mulsanne Resources, there had been "no offer capable of acceptance in respect of a takeover offer or other control proposal for shares in the company".
A spokesman for Blackwood said that although all settlement negotiations ceased while the abuse of process claim was heard, the "lines of communication remain open" and talks with Mulsanne were continuing.
Mulsanne liquidator Robyn Duggan, a partner at Ferrier Hodgson, said Mr Tinkler would be first up for examination, followed by company secretary Aimee Hyde and co-directors Matthew Keen and Troy Palmer.
She said the liquidators' barrister, Robert Newlinds, SC, would lead the examination, initially focusing on the share placement agreement, but questioning could extend to Mr Tinkler's personal financial position.
"If we attend court tomorrow and we call on Mr Tinkler as first examinee and if he fails to attend, he will be in contempt of court and we will be within our rights to ask the court to issue a warrant for his arrest," Ms Duggan said. "If an arrest warrant is issued and Mr Tinkler is not in the country, police would place a watch on him at ports and airports and he would be arrested on arrival.
Frequently Asked Questions about this Article…
A warrant for the arrest of Nathan Tinkler may be issued if he fails to appear in the NSW Supreme Court for an examination by the liquidator of his private company, Mulsanne Resources. The examination relates to a $28.4 million debt Mulsanne owes to listed coal explorer Blackwood Corporation under a share placement agreement.
The liquidator is examining the circumstances around the share placement agreement that produced a $28.4 million debt to Blackwood Corporation. The liquidators' barrister may also extend questioning to aspects of Mr Tinkler's personal financial position during the examination.
Yes. The liquidator stated that if Mr Tinkler fails to attend when called as an examinee he could be in contempt of court and the liquidator could ask the court to issue a warrant for his arrest. If he is not in the country, police could place a watch at ports and airports and arrest him on arrival.
The dispute centers on Mulsanne owing Blackwood $28.4 million under a share placement agreement. Settlement attempts have so far failed. Blackwood confirmed talks have occurred but said there has been 'no offer capable of acceptance' for a takeover or other control proposal for its shares.
An unfunded takeover offer of 30 cents a share from Mr Tinkler's Singapore-based Cayenne Coal was one of the settlement attempts, but it failed and was not accepted as a resolution to the dispute.
Robyn Duggan, the liquidator from Ferrier Hodgson, said Nathan Tinkler will be the first examinee, followed by company secretary Aimee Hyde and co-directors Matthew Keen and Troy Palmer. The liquidators' barrister, Robert Newlinds SC, will lead the examination.
No. Mr Tinkler's attempt to stop the examination on the basis of an alleged 'abuse of process' was dismissed by Justice Paul Brereton as 'tenuous', and indemnified costs were awarded to the liquidator.
Investors should monitor upcoming court appearances and the progress of the liquidator's examination, because outcomes could affect the resolution of the $28.4 million dispute. The article also notes that while settlement negotiations paused during the court challenge, Blackwood said lines of communication remain open and talks with Mulsanne are continuing.
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