Updated: Monday, November 26, 2012 9:46 PM
Posted: Monday, November 26, 2012 9:12 PM
Sheikh Mohammed bin Rashid al Maktoum?s Kildangan Stud in Ireland has started legal proceedings in Australia against billionaire coal tycoon and Thoroughbred owner Nathan Tinkler, whose empire looks to be collapsing.
Kildangan Stud?s action against Tinkler, filed in a New South Wales court, is understood to stem from alleged unpaid stud fees, the Irish Times reports.
Tinkler, who has invested quite heavily in racehorses and breeding stock, owns Patinack Farm in New South Wales. Since 2007, he has spent more than $300-million (Australian) to build a Thoroughbred empire. He reportedly owns more than 1,300 horses, including 2012 Beck Caulfield Guineas (Aus-I) winner All Too Hard. Patinack Farm recently announced plans to sell hundreds its horses and shutter its Melbourne stable to reduce costs.
In the latest of legal actions against Tinkler, Australia?s deputy tax commissioner has begun preparing a case against his holding company as unpaid bills continue to accrue.
On Nov. 21, a federal court in Australia ordered that Patinack Farm be liquidated, but a co-director of the Patinack Farm Administration, alongside Tinkler, pledged financial support to allow PFA to continue to trade and pay its creditors in full, the Melbourne Herald-Sun reports.
Tinkler?s primary asset, a near 20% stake in Whitehaven Coal, Australia?s largest independent coal company, lost nearly half of its value this year as the coal price has plummeted. His multibillion dollar attempt to take over that company fell apart in August after he failed to secure financing.
Kildangan Stud in County Kildare, is part of Sheikh Mohammed?s global Darley operation.
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Source: http://www.bloodhorse.com/horse-racing/articles/74700/irish-stud-files-legal-action-against-tinkler
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