Nathan Tinkler. Picture: Krystle Wright Source: Herald Sun
ELECTRICIAN turned billionaire coal king Nathan Tinkler has almost entirely settled his case with property developer Mirvac out of court today.
The settlement, which will be complete on Tuesday, was announced to the court by Mirvac barrister Ian Jackman, SC, brother of Hollywood actor Hugh Jackman, shortly after midday.
Details are confidential however it is understood Mr Tinkler has agreed to proceed with the purchase of the piece of land in Newcastle which he had earlier agreed to buy but did not complete. It is understood the completion is due to occur on Monday.
Together with interest owing, Mirvac sued Mr Tinkler's company for $17 million.
Mirvac subsidiary Domaine Steel River sued after Mr Tinkler's companies Ocean Street Holdings and Buildev Group did not complete the land deal.
The case was set for hearing today by Supreme Court Justice Michael Slattery.
Tinkler, who owns the Newcastle Knights, has been battling to hold on to his empire, staving off creditors who have attempted to wind up some of his companies.
Tinkler's fortunes are also in decline because he owns a large stake of stockmarket listed coal company whose shares have slumped.
It took five lawyers and four barristers two hours to negotiate the settlement in rooms outside the court today.
"I congratulate the parties on being able to almost resolve the proceedings," Justice Slattery said.
"In the matter of Domain Steel River and Ocean Street Holdings .... I make orders by consent," Justice Slattery said.
Final orders will be made on Tuesday, October 30 at 9.30am.
In a statement released this afternoon, a Mirvac spokesman said: "The defendants have agreed to complete the contract on Monday 29 October at 2pm. If they fail to complete they have consented to the appointment of a sequestrator."
Legal costs for Mirvac are believed to amount to between $90,000 and $115,000.
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