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From the AFR:
Major lender to Nathan Tinkler, hedge fund Farallon, has seized control of a 9.91 per cent stake in Whitehaven Coal, marking the start of the embattled coal entrepreneur’s lenders calling in their debts.
In a statement, Farallon, through its lawyers Ashurst, said the shares changed hands at $2.96 each.
Sources said there was an expectation the rest of Tinkler’s stake, another 9.48 per cent, was likely to be sold within days to his other lenders.
In the competition over which mining luminary becomes the symbol of this cycle’s denouement, Nathan Tinkler appears to be winning.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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