Palmer Aviation placed in liquidation
Man Bilong Balus long PNG
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Is anyone surprised?
As Warren Buffet says: When the tide goes out, you find out who's been swimmin' in the the nude.
Clive's not going to be a pretty sight.
Clive's not going to be a pretty sight.
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Yes. As Cloive said in Parliament today: "it's never been a better time to be a "Clayman Islander". I think it was meant to be Cayman Islander but the laughter drowned out the PM's response which I believe thanked him for his interest in his health. (the Labor Party looked like a mob of deranged Chimpanzees on steroids and the Speaker chucked it in saying answer what you want).
Your Member for Fairfax and Wentworth using your taxpayer dollar to best effect.
Your Member for Fairfax and Wentworth using your taxpayer dollar to best effect.
Last edited by Frank Arouet; 25th Feb 2016 at 03:36. Reason: yes I get bored sometimes.
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So does all this mean the launch of Titanic II may be delayed? 
Interesting also that he was not able to make himself available to the administrators this week.
"Parliamentary Duties", you understand.
Good to know that he's putting the interests of his constituents (and indeed, the nation) before all else.
Interesting also that he was not able to make himself available to the administrators this week.
"Parliamentary Duties", you understand.
Good to know that he's putting the interests of his constituents (and indeed, the nation) before all else.
Man Bilong Balus long PNG
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I suppose that one good thing to come out of the Palmer experiment is that he will almost certainly be tossed out on his fat arse at the forthcoming election and as a one term server will not qualify for the obscenely generous (IMHO) Parliamentary pension.
Guess we should be thankful for that anyway.
Err hang on....Is he a one termer??
Guess we should be thankful for that anyway.
Err hang on....Is he a one termer??
Last edited by Pinky the pilot; 25th Feb 2016 at 08:48. Reason: Epithet added
Man Bilong Balus long PNG
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Thanks Clarry. Had a brief moment of doubt.
Shook me so much I had to open another bottle of a good Barossa Shiraz!
Oh BTW, For the uneducated; There is no such thing as a bad Barossa Shiraz!
Or any other grape variety grown in that hallowed district for that matter!
Shook me so much I had to open another bottle of a good Barossa Shiraz!
Oh BTW, For the uneducated; There is no such thing as a bad Barossa Shiraz!
Or any other grape variety grown in that hallowed district for that matter!
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Goes to show how much a clone of the US of A we are.
And this thread drives it home even more!!
http://www.pprune.org/pacific-genera...on-2016-a.html
And this thread drives it home even more!!
http://www.pprune.org/pacific-genera...on-2016-a.html
But just like fellow entrepreneurs: Alan Bond; Christopher Skase; Nathan Tinkler and others, he'll have lots tucked away for a very happy retirement.
(On Christmas day, three years ago, I was aboard a boat at Cottage Point. A huge gin palace turned up at the kiosk pontoon with a professional crew on board. Then who did I spot? The CEO who turned 'Babcock and Brown' into a basket case!)
Upon their departure, I called out: "All's well, Phil?" Understandably, there was no reply.
(On Christmas day, three years ago, I was aboard a boat at Cottage Point. A huge gin palace turned up at the kiosk pontoon with a professional crew on board. Then who did I spot? The CEO who turned 'Babcock and Brown' into a basket case!)
Upon their departure, I called out: "All's well, Phil?" Understandably, there was no reply.
Last edited by gerry111; 25th Feb 2016 at 10:11.
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C'mon guys, go easy on poor ol' Clive. He's down to his last few hundred million - those mongrel Chinese with the magnetite mine on his lease won't pay him the royalties that are due - his ancient Nickel refinery that bought for a song has finally karked it under the pressure of age and low nickel prices - his Coolum resort is struggling and the former tenants have been kicking him in the nuts - his aircraft have all been repo-ed - the PUP party has turned out to be a mongrel, and bitten him on the leg - and now you people are kicking a good man, when he's down!! 
God help him - the $15M flybridge cruiser might be gone soon, too - the Dinosaurs might be repo-ed as well - and he might even lose his comfy seat in Parliament and be turfed out into the cold night, and no longer have unlimited access to the Parliamentary dining room!!
I don't understand how you can be so cruel, when the man is under so much pressure, with his fabulous world of wealth and power and prestige, crashing in ruins around him!!
God help him - the $15M flybridge cruiser might be gone soon, too - the Dinosaurs might be repo-ed as well - and he might even lose his comfy seat in Parliament and be turfed out into the cold night, and no longer have unlimited access to the Parliamentary dining room!!
I don't understand how you can be so cruel, when the man is under so much pressure, with his fabulous world of wealth and power and prestige, crashing in ruins around him!!
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Mineralogy, the mining arm of Clive Palmer has not yet met the same end as Clives numerous other ill-fated ventures - but if Mineralogy doesn't get the magnetite royalty payments it's currently seeking from CITIC-Pacific, I wouldn't like to wager just how long Mineralogy will remain solvent.
Mineralogy and CITIC-Pacific have been in and out of the courts for the last couple of years, with each trying to outwit the other.
Mineralogy's claims lie in the fact that it reckons CITIC owes Mineralogy multiple millions for royalty payments for magnetite ore extracted from the Mineralogy lease.
CITIC reckons it's not obliged to pay anything until the ore is exported - and the magnetite ore extracted, has currently only been stockpiled.
CITIC's stoush with Mineralogy (and specifically Clive), was that Clive pinched $12M out of a joint account (supposedly a trust account) to fund his election stunts.
However, Mineralogy repaid the $12M and claims it was entitled to do what it liked with the money, as they access to the account.
The Judge has since scuttled CITIC's claims and found the joint account was not a trust account, so CITIC's claim didn't have a leg to stand on.
I'm not sure what the next round will be in the courts between CITIC and Mineralogy - but watch this space.
The ABC put up an explainer in Nov 2014, but this explainer is now dated since CITIC lost their case against Mineralogy.
ABC (AU) news - Explainer; Clive Palmer-CITIC dispute
Michael West of the SMH is an excellent corporate investigative journalist who regularly digs the dirt on shonky corporate operators ... and Clive is still within his sights.
Company books fail to tell the full Clive Palmer company picture
Mineralogy and CITIC-Pacific have been in and out of the courts for the last couple of years, with each trying to outwit the other.
Mineralogy's claims lie in the fact that it reckons CITIC owes Mineralogy multiple millions for royalty payments for magnetite ore extracted from the Mineralogy lease.
CITIC reckons it's not obliged to pay anything until the ore is exported - and the magnetite ore extracted, has currently only been stockpiled.
CITIC's stoush with Mineralogy (and specifically Clive), was that Clive pinched $12M out of a joint account (supposedly a trust account) to fund his election stunts.
However, Mineralogy repaid the $12M and claims it was entitled to do what it liked with the money, as they access to the account.
The Judge has since scuttled CITIC's claims and found the joint account was not a trust account, so CITIC's claim didn't have a leg to stand on.
I'm not sure what the next round will be in the courts between CITIC and Mineralogy - but watch this space.
The ABC put up an explainer in Nov 2014, but this explainer is now dated since CITIC lost their case against Mineralogy.
ABC (AU) news - Explainer; Clive Palmer-CITIC dispute
Michael West of the SMH is an excellent corporate investigative journalist who regularly digs the dirt on shonky corporate operators ... and Clive is still within his sights.
Company books fail to tell the full Clive Palmer company picture
