Tinkler share sale a relief for Whitehaven Nathan Tinkler in Newcastle. Nathan Tinkler's main financial backers including Farallon Management have decided to cash in their chips and take Tinkler's biggest asset, his 19 per cent stake in coal miner Whitehaven. The purchase price of $2.96 per share represents the floor price agreement between the parties and is a long way from Whitehaven's trading price of around $2.10. It suggests Farallon and the others were forced to take a haircut on the loan to Tinkler. It has been clear this would happen for some time as Tinkler was under water on his Whitehaven stake and has been in a desperate struggle to repay debt in other parts of his crumbling empire. From houses to horse studs, Tinkler has been racing for more than a year to stay an inch in front of his creditors. In March the folks from Blackwood Coal managed to tackle Tinkler, who had evaded a deal to buy a stake in that company. Earlier this month Blackwood inked a deal with Tinkler for a $12 million payment. This may explain some of the timing of today's share sale - desperation. But realistically, Tinkler's financiers have had control of this stake since the share price moved below $2.96. It was only a matter of time before the lenders formalised their position as major shareholders in Whitehaven. It is a move that has been characterised by Tinkler as emotional and difficult but will come as a major relief for Whitehaven's board and management who have experienced no end of grief from their high-profile investor. The Tinkler holding had been putting downward pressure on the share price as the market had factored it in as overhang. The company now has clear air around corporate governance but there must be question marks around whether these new shareholders are in for the medium to long term.