Bold move to liquidate Tinkler company

COAL explorer Blackwood Corporation has turned up the heat on Nathan Tinkler, seeking to appoint liquidators to one of the former billionaire’s companies in a bid to recover $28.4 million.

Speculation has been mounting for weeks over a failed share placement, with Blackwood announcing today it had applied to a court to wind up Mr Tinkler’s Mulsanne Resources.

In July Blackwood granted Mulsanne more than 94 million of its shares, or about a one-third stake in the group, worth $28.4 million.

Mr Tinkler, who pulled his ambitious $5.3 billion bid for Whitehaven Coal because of financing issues, has failed to make the payment. 

Blackwood was raising funds for drilling its coal tenements in Queensland.

‘‘The Blackwood board continues to investigate and consider its options regarding the recovery of the amounts outstanding,’’ the group said in a statement.

Developer Mirvac is also pursuing legal action against two of Mr Tinkler’s private companies, Ocean Street Holdings and Buildev Group, to recover $17 million from a failed property deal.

The dispute is set down for hearing on October 23 and 24.

Mr Tinkler’s business empire has come under increasing pressure since the failure of the  Whitehaven privatisation bid last month. 

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