First the luxury car business, then a slice of the horse racing empire. Now, Nathan Tinkler’s private jet and helicopter have been seized by receivers after yet another one of his companies has collapsed.
The announcement follows a string of bad news for Tinkler, with several of his businesses having collapsed. More recently, part of his horse racing empire was placed in liquidation with reports the entity responsible couldn’t even afford feed for the animals.
Nathan Landry of Taylor Woodings has been appointed to Tinkler’s company TGHA Aviation. The two major assets within the company, a Dassault900 jet and an Augusta A109S helicopter, have both been secured.
“We’re continuing investigations about any other assets,” Landry told SmartCompany this morning.
“The process since our appointment has been to conduct a review and during that period we’ve been holding discussions about the management team and main TGHA stakeholders to achieve an optimal outcome of all parties.”
“We’ve secured those assets, they’re in our possession.”
The receivership will raise even more questions about Tinkler’s precarious financial position, as he maintains very few assets that generate income.
Fairfax has reported Tinkler was instructed to leave the jet in Sydney last month, but used it while searching for more financing. Both assets are worth several million dollars combined.
Tinkler started the company after selling his stake in Macarthur Coal back in 2008. He has planned some projects around the company, including a multi-million dollar private hanger at Newcastle Airport.
But the business just joins a list of other financial failures owned by Tinkler, including a subsidiary of his Patinack Farm racing business and Mulsanne Resources, which did not complete an investment in Queensland business Blackwood Corp.
This isn’t the first time Tinkler has been in trouble over luxury assets. Back in 2010, Tinkler was also involved in a legal dispute over a luxury car club in which invested millions of dollars. Tinkler and his business partner Timothy Sommers ended up in the New South Wales Supreme Court over the fight.
Tinkler’s fortune has retreated significantly this year, with his stake in Whitehaven Coal now sitting at just $600 million, down from $1 billion, thanks to a weak turn in coal prices.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
