The last patch of Nathan Tinkler's thoroughbred racing empire has now been sold, but it is not clear whether there will be any beneficiaries other than retail billionaire Gerry Harvey.
The liquidators of Patinack Farm reported on Thursday that the last three properties, including the stud farm Sandy Hollow in Muswellbrook, and the aptly named Broke – near Cessnock – have been sold for a total return of $15 million.
![Retail billionaire Gerry Harvey looks like he's managed to walk away with all of his money despite a substantial ...](http://web.archive.org./web/20170818165259im_/https://www.fairfaxstatic.com.au/content/dam/images/1/m/b/a/r/k/image.related.articleLeadwide.620x349.gxa21g.png/1499962329174.jpg)
"This completes all land sales in the Patinack Farm liquidation after several campaigns spanning 15 months," said the lead liquidator, Deloitte's Neil Cussen.
But there is likely to be only two beneficiaries, at most, from the 150 creditors owed around $320 million from the collapse, which has left Tinkler a bankrupt.
![Nathan Tinkler's thoroughbred empire has officially been wound up.](http://web.archive.org./web/20170818165259im_/https://www.fairfaxstatic.com.au/content/dam/images/1/0/6/l/t/t/image.related.articleLeadwide.620x349.gxa21g.png/1499962329174.jpg)
"Net settlement proceeds will be directed to the first ranking secured creditor to satisfy their debt in full, with remaining funds to be directed to other secured creditors," said Cussen.
According to a previous report from the liquidators filed with ASIC this year, two secured creditors were owed more than $71 million. Another 148 unsecured creditors were owed around $250 million.
The liquidators noted that Tinkler tried to engineer a deed of company arrangement that would have delivered something to unsecured creditors, but as has been the case with Tinkler on many occasions now – he failed to come up with the cash.
It looks like the canny Harvey managed to walk away with all of his money despite a substantial exposure to the former coal baron.
![Illustration: John Shakespeare](http://web.archive.org./web/20170818165259im_/https://www.fairfaxstatic.com.au/content/dam/images/g/x/a/u/v/1/image.related.articleLeadNarrow.300x0.gxa21g.png/1499995077974.jpg)
In 2015, Harvey said he was still owed $22 million despite Tinkler repaying $37 million to the Harvey Norman founder.
For the other Patinack creditors who are still owed money by Tinkler, the only asset left to satisfy any outstanding debts, is the "non-transferable lifetime breeding rights" to former champion All Too Hard and Onemorenomore.
Both horses were sold to the Vinery Stud in 2012, which is co-owned by Harvey.
Ardent admirers
Barely a week has passed since Sun Hung Kai – a Hong Kong investment group associated with Aveo's chairman Seng Huang Lee – picked up a 5.3 per cent stake in Ardent Leisure for $44.6 million.
But it looks like it isn't the only Asian group with an interest in the theme park operator.
![SYDNEY, AUSTRALIA - DECEMBER 17: Seng Huang Lee at CYCA Yacht Club of Australia on December 17, 2016 in Sydney, Australia. (Photo by Fiona Morris/Fairfax Media)](http://web.archive.org./web/20170818165259im_/http://www.smh.com.au/content/dam/images/g/x/4/e/v/b/image.imgtype.articleLeadwide.620x349.png/1499147744295.png)
Aveo chairman Seng Huang Lee. Photo: Fiona Morris
On Thursday, Japan's Sumitomo Mitsui Trust showed up with a 5 per cent stake it acquired for around $49 million.
CBD is told that it is Nikko Asset Management – a Sumitomo subsidiary, which describes itself as a "value investor" – that picked up the stake.
Sun Hung Kai offered CBD a similar explanation for its investment in Ardent.
"The position in Ardent Leisure sits within our Global Equities Opportunity Fund, which has a focus on undervalued and growth equities," explained a spokesman for Sun Hung Kai.
Given the strong value theme from the two new investors, CBD wonders what they think of Ardent's rebel investors – Gary Weiss and Queensland developer Kevin Seymour – as they attempt to get four board seats with just a 3.9 per cent stake. That's what we call a bargain.
Captain's knock
With Macquarie's $87 million bid for Central Petroleum dispatched to the boundary at a shareholder meeting last month, Central Petroleum chairman Robert Hubbard decided it was time to focus the troops on the next battle: seeing off a potential boardroom wipeout next week by disgruntled investors.
And who better to send in than his CEO Richard Cottee to confirm he will hang around despite the Macquarie deal falling through – but only if investors back the board next week.
![Central Petroleum's Richard Cottee.](http://web.archive.org./web/20170818165259im_/http://www.smh.com.au/content/dam/images/g/u/v/m/5/l/image.imgtype.articleLeadwide.620x349.png/1496815119085.png)
Central Petroleum's Richard Cottee. Photo: Jim Rice
"It would be a tragedy for the company to change direction on the very cusp of success," said Cottee in the ASX release on Thursday.
"These groups are heavy on rhetoric but light on detail."
Not that Cottee is expecting things will get any easier, despite predicting victory over the bid to remove all of the company's non executive directors next week.
"I anticipate that, whilst the board will retain the confidence of the majority of shareholders, these groups will continue beyond the vote using remuneration reports and irresponsible social media to destabilise the company in their quest for relevance."
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