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Blackwood sues Nathan Tinkler’s Mulsanne

Coal magnate Nathan Tinkler's Mulsanne Resources is being sued for $30 million by junior coal explorer Blackwood Resources.

Written by Agencies | Sydney | Published: September 25, 2012 12:52:31 pm

Coal magnate Nathan Tinkler’s Mulsanne Resources is being sued for $30 million by junior coal explorer Blackwood Resources,the second legal action launched against the resources entrepreneur this month.

Blackwood said in a statement it has applied to have Mulsanne,a private investment vehicle owned by Tinkler,wound up after it failed to pay A$28.4 million ($30 million) for an agreed stake in the junior coal explorer.

Tinkler and Mulsanne did not immediately reply when contacted by e-mail for comment. Tinkler,who has an empire spanning mining,property development,sports teams and horse breeding,last month abandoned a A$5.3 billion privatisation takeover of Whitehaven Coal.

A source familiar with the deal said that the 36-year-old failed to raise enough equity,falling short by around A$900 million. A former electrician who made his fortune by taking high-risk bets in the resources sector,Tinkler is also being sued by property group Mirvac to recover about A$14 million.

Mirvac said Tinkler’s property development firm Buildev Group failed to meet a court- rdered payment for industrial land for a coal terminal.

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