Nathan Tinkler has paid Blackwood Corporation the $12 million he owed, and the coal junior will now cease its legal action against the embattled ex-billionaire.
They had agreed to the $12 million settlement after Tinkler left Blackwood in the lurch, failing to fork out $28.4 million for a share placement.
Blackwood announced the news in a statement to the market this afternoon.
This settles the debt but leaves him with no stake in the company.
Last week Tinkler was forced to give up his stake in Whitehaven Coal for about $300 million, selling to his lenders, including US hedge fund Farallon Capital.
Tinkler has a number of assets on the market, including houses — such as this Queensland estate which is in his wife’s name — and his private jet and helicopter.
On Wednesday Business Insider reported a Brisbane mansion connected to Tinkler through its holding company was also for sale.
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