Nathan Tinkler on notice as Patinack Farm pay day deadline arrives
NATHAN Tinkler has been given until Thursday to stump up $240,000 to cover wages for staff of his Patinack Farm thoroughbred stud if he wants a chance of pulling the operation back out of liquidation.
Anthony Matthews, appointed last week as liquidator of Patinack Farm Administration after an administrative error resulted in it failing to pay a $17,000 debt to WorkCover SA, is expected to give an update on Thursday and write to all employees asking for evidence of any further debts.
It is believed the full amount owed to creditors by Patinack, which was the main employment arm of the operation, could be between $5 million and $6 million.
It is understood Mr Tinkler's lawyers have provided assurances that all creditors of the company will be fully repaid in three to four weeks.
Mr Tinkler's personal financial situation is the subject of intense speculation, with debts reported to now amount to about $700 million.
It was reported on Wednesday that Mr Tinkler had been given until the end of the month to repay $200 million or hedge fund Farallon would take control of his main asset, a 19.4 per cent stake in Whitehaven Coal.
Fairfax Media understands neither the $200 million repayment amount, nor the Friday deadline, is correct, but a spokesman for Mr Tinkler would not comment and Farallon did not respond.
One analyst speaking off the record said deadlines from Farallon to Mr Tinkler had been ''missed all year'' but ''the path of least resistance is holding on and waiting''.
Whitehaven shares closed down 5¢ at $2.81, valuing Mr Tinkler's stake at $553 million - about half the $1.1 billion it was worth in April, after a three-way merger with the listed Aston Resources and the private Tinkler Group entity Boardwalk Resources.
Patinack Farm Administration is one of two Tinkler Group entities in liquidation. The other is Mulsanne Resources, which Ferrier Hodgson is winding up after it failed to make a $28.4 million payment to listed coal explorer Blackwood Corporation for a share placement.
A third company, Tinkler Group Holdings Administration, is also facing being wound up by the Deputy Commissioner of Taxation. The company also owes an unspecified amount to another creditor, law firm Sparke Helmore.