Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared bankrup

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#1
Former Aussie coal billionaire and Singapore resident Nathan Tinkler declared bankrupt

SYDNEY (Feb 10): Former Australian coal baron Nathan Tinkler on Wednesday  resigned as chief executive of Anglo Pacific Coal Ltd after losing a legal battle over money he owed from the sale of a luxury jet and being declared bankrupt.

Mr Tinkler - who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed - in October was appointed chief executive of Australian Pacific Coal, which has agreed to acquire the majority of a coal mine from Anglo American.

The bankruptcy was declared in Australia's Federal Court on Tuesday and stems from a complaint from GE Commercial Australasia Pty, which claimed he owed US$2.25 million ($3.14 million) on a Dassault Falcon 900C he once owned.

Mr Tinkler, who resides in Singapore, was not immediately available for comment and it was unclear if he would appeal the ruling. Under Australian law, bankrupt individuals are barred from holding corporate directorships.

The bankruptcy order had been stayed for 21 days.
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http://www.theedgemarkets.com/sg/article...d-bankrupt
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#2
waos!! billionaire leh!! Tongue
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
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#3
Lesson here: turn the assets into cash or hard assets during the boom. E.g. Richard Li, Steve Case, Tan Boy Tee, Tan Kim Seng, Tommy Goh, etc.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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