Clive pulls in his horns

Clive Palmer has backed off his attempt to have Sino Iron declared bankrupt:

Mr Palmer claimed last week that Citic’s subsidiary Sino Iron, which is building a magnetite iron ore project on tenements owned by Mr Palmer, had ceased paying him ‘‘normal administrative costs’’ that had been paid without issue to date. Palmer said the amount in question was $12 million.

Citic vigorously denied the claim and appears to have won this skirmish. Before a hearing on Tuesday in the Federal Court in Perth, Palmer threw in the towel.

Palmer also paid Sino’s legal costs. Got a bit carried away, did our Clive. The remainder of the dispute remains pending.