36 Year Old Billionaire Story

Option_Attack

Option_Attack

Interesting story - rags to riches, then back to (very) expensive rags...

http://www.cnn.com/2012/11/20/business/australia-billionaire/index.html?iid=article_sidebar


(CNN) -- Nine years ago he was an electrician. Six months ago, he was worth some A$1.18 billion ($1.22 billion) Australia's mining boom having turned him into the country's richest person under 40 years old.

Now, coal baron Nathan Tinkler, 36, is facing a mountain of debt. His wealth has plummeted to A$400 million, thanks to slowing demand and falling coal prices, while his debts to a variety of creditors mount, reportedly hitting A$638 million. On Tuesday, his personal holding company was liquidated.

Tinkler has had the Midas touch on his way to the top of the rich list and -- until Tuesday -- on the way down, too, staving off the liquidation of several of his companies. He now faces credit debt surrounding his horse racing empire, troubled sports franchises and repossession of his personal jet....
 
He is probably going to get a heart attack before 40....

121121021939-nathan-tinkler-2008-story-top.jpg


"...and repossession of his personal jet."

For god's sake, anything but the jet!!!!

" GE Capital is said to have issued Tinkler an instruction to leave the French made Dassault Falcon 900, replete with Italian leather seats, a conference room and bar, at a regional Sydney airport.
Instead, he flew it to Singapore where he and his family now live in two adjacent homes, reportedly with a Maseratti and Porsche in the driveway."

Oh OK, then it is alright... :)
 
Quote from Option_Attack:
----rags to riches, then back to rags....
----Nine years ago he was an electrician.
----Six months ago, he was worth some A$1.18 billion ($1.22 billion)....
----Australia's richest person under 40 years old.
----facing a mountain of debt.
----wealth has plummeted to A$400 million....
----personal holding company was liquidated.
----had the Midas touch....
----staving off liquidation....
----horse racing empire, troubled sports franchises and repossession of his personal jet....
More...
1) Shoddenfroid. :cool:
2) Can he still replace a light switch without electrocuting himself? :confused:
3) It will be better when his body weight flutuates with his net worth......downward. :p :D
4) I hope, when the bankers are done with him, that he has a low-low 8-figure net worth and is never, ever heard from again. :)
 
Quote from nazzdack:

1) Shoddenfroid. :cool:
More...

Sometimes it is justified. What's the word for someone not paying his contractors' and workers' bills but lives in a 80K per month appartment? Oh yes, I got it, asshole...

http://www.couriermail.com.au/news/...reditors-line-up/story-e6freoof-1226483750701

I wouldn't be surprised if his whole empire crumbled in the next 2 years. Leverage is a double edged sword....

Oh yeah, his horses are starving too:

http://www.theage.com.au/business/staff-turn-as-tinklers-cash-woes-hit-stables-20121105-28u8o.html

"The former mining magnate's private horse racing trainer, John Thompson, revealed his stable of Mr Tinkler's horses had been forced to go without feed because the group was unable to pay suppliers.
''I've gone weeks without vets, farriers, bedding and ran out of feed a number of times,'' Thompson told Sky Sports Radio on Sunday."

Now if my math is correct, the sum of 568-638 is a negative number:

"His 19.4 per cent stake in Whitehaven was worth $1.1 billion in April but only $568 million based on Monday's closing price of $2.89.

Mr Tinkler is known to have borrowed significantly against the stake, with corporate filings indicating a maximum total liability of up to $638 million largely consolidated with the long-time backers Farallon Capital."
 
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