Former billionaire Nathan Tinkler has seen his embattled wealth take another hit following the fall of Whitehaven Coal’s share price which is currently nearing four-year lows.
Tinkler holds a 21 per cent stake in Whitehaven.
The company’s market value plunged to $570 million on Friday, a significant drop from last April’s $1.2 billion value.
Adding to Tinkler’s troublesome financials, SMH reported that his private jet and helicopter were last week put up for sale by receivers who are seeking to recover almost $14 million.
Recently Tinkler has been embroiled in solvency issues with a number of his companies and subsidiaries placed into receivership and liquidation.
It has been reported Tinkler holds about $700 million in debt.
One of his companies, Mulsanne Resources, was put into liquidation after failing to pay for a $28.4 million share placement in listed coal company Blackwood, SMH reported.
One analyst, who did not want to be named, told SMH it would be better if Tinkler sold his shares to owners with steadier hands, something Whitehaven chief executive Tony Haggarty has previously said would be ideal for the company.
Whitehaven’s negative outlook, coupled with Haggarty’s recent resignation has according to the analyst spooked investors.
"They are not making any money," he told AAP.
"Their statement at face value reads that it is going to be as bad in the second half as the first half … they set expectations very low but coal prices are up on the first half."
Earlier this year activist Jonathan Moylan issued a fake press release from ANZ purporting to withdraw finance for the Mauls Creek project. The hoax temporarily wiped $314 million off Whitehaven.