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Harvey Calls In Debt

Friday, 22nd August 2014

The sale of Patinack's thoroughbred and property assets is believed to have been triggered by the decision of businessman Gerry Harvey to call in the debt owed to him by the farm's besieged owner Nathan Tinkler, reports smh.com.au. Mr Harvey, who is owed millions by Tinkler, holds a caveat over Patinack's racing and breeding assets which he will take control of in September. Patinack staff were informed of the development this week, the Newcastle Herald reports. It is understood Mr Harvey visited Patinack's Sandy Hollow property on Monday to inspect the horses and select the best stock. The rest will be sold by Magic Millions at an unreserved auction next month. In May, it was announced Patinack Farm would be sold to Dubai-based firm, Cibola Capital, but alarm bells started ringing when the actual existence of Cibola Capital was questioned. Magic Millions managing director Vin Cox confirmed yesterday morning the sale of the Patinack stock. "We haven't set a date yet, but it will be around the time of our two-year-old sale [September 30]," he said. "It is my understanding that Nathan is getting out of [the] racing business."

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