A billionaire’s work is never complete

The billionaire electrician Nathan Tinkler, recently re-domiciled in Singapore, still has plenty of unfinished business in his home town of Newcastle.
Nanjing Night Net

Just as a Tinkler-led consortium proposed a (perhaps, maybe) $4 billion takeover plan for Whitehaven Coal, another ASX-listed company has lobbed some paperwork in the NSW Supreme Court for another Tinkler company to mull over.

A contractual dispute has erupted between a Mirvac Group-related entity, Domaine Steel River Pty Ltd, and one of Tinkler’s companies, Ocean Street Holdings Pty Ltd, over the purchase of a block of land on the southern side of the Hunter River.

Tinkler is yet to hand over any money for the land purchase, which is believed to be tied to his proposed (perhaps, maybe) $2.5 billion coal terminal.

Mirvac was not commenting yesterday. But a source close to Tinkler said he still intended to proceed with the land deal and that he was only disputing some aspects of the contract.

The Tinkler Group website notes how his proposed (perhaps, maybe) terminal would incorporate a rail marshalling area in the Steel River industrial zone, which is being developed by Mirvac.

The matter has been set down for a one-day hearing in August before Justice John Sackar.

MAN OF LETTERS

Loyalties towards the casino billionaire James Packer appear to run deep on one leafy street in the Melbourne suburb of Hawthorn.

And we’re not talking about the man the Crown Limited executive chairman tried to install as the chairman of Echo Entertainment, the former Hawthorn Football Club president and Victorian premier Jeff Kennett.

”Not only is Packer’s idea of a new casino on the site of an old shipyard historic, it is a must,” said a letter published in the Sun-Herald and Sunday Age supporting Packer’s controversial proposal to build a casino in Sydney’s Barangaroo precinct.

”Most people are over the images of the Harbour Bridge projected across the globe; they need something new to Google. Let’s entice these customers to our foreshores with new highlights and create means by which in doing so they see the rest of the city,” the letter, scribed by one Timothy Yates, of Hawthorn Grove in Hawthorn, said.

It just happens that the former Allco Equity Partners managing director and ex-chief executive of the former Packer-controlled PBL Peter Yates also lives on Hawthorn Grove.

But Yates expressed his surprise yesterday when contacted by CBD. ”I have a nephew called Timothy Yates. He doesn’t live with me,” the former PBL boss confirmed.

Yates said he was totally unaware his nephew, who apparently lives in an apartment up the road from him, had taken an interest in the exploits of his former employer. ”He lives in Hawthorn Grove but not in my house,” Yates added, before saying that he had to go.

CBD is heartened to see the folk of one Hawthorn street have an interest in the appearance of the Sydney harbour.

”With an ailing economy in the retail sector, Australia’s reliance on the ASEAN region is becoming even more imperative. At the end of the day, if a buck is to be made, the reasonable man is going to see that dollar out,” the letter from Peter Yates’s nephew said.

A GOOD BLOKE

The Goldman Sachs chief executive, Lloyd Blankfein, shocked financial markets on Wednesday when he confirmed he had human emotions by cracking a joke at a Chicago function.

Asked when he planned to retire, the world’s most powerful investment banker said: ”I am 57. What am I going to do with the other 60 years of my life?”

Blankfein’s continuing campaign to prove that he and other Goldman Sachs employees had human feelings (and did not treat their clients as muppets) also saw him give small business tips on an American morning TV show this week with one of his banjo-playing billionaire investors Warren Buffett.

Blankfein, who helped initiate a scheme to provide better access to capital for 10,000 small businesses in order to grow jobs, told the TV program it was good for business owners not to get ”over-leveraged”.

The head of the investment bank – once cruelly described as ”a great vampire squid wrapped around the face of humanity” – also appeared in television advertisements in the US at the start of the year (produced by the Human Rights Campaign) that called for marriage equality.

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This story Administrator ready to work first appeared on Nanjing Night Net.