🚀 go-pugleaf

FAT FEMALE BILLIONAIRE SEEKS TO DENY HER KIDS THE FAMILY FORTUNE IN
COURT????

http://bonjupatten.com/2012/03/13/fat-female-billionaire-seeks-to-deny-her-kids-the-family-fortune-in-court/

THIS FAT FEMALE BILLIONAIRE IS THE HEAD OF A LARGE AUSSIE MINING
CONCERN, WHICH SHE INHERITED FROM HER LATE FATHER. She has had kids
(someone in Australia actually loves fat obese ugly ass rich women)
and now she’s saying in court that she wants to cut off her kids from
inheriting as she did because they were brought up badly (she brought
them up), they never had jobs unless it was given from the family and
they are bad with handling money.

WHAT?

Is this a lesson in bad parenting?

She is a spoiled fat blob who inherited money from her family so how
does she think what she’s doing is right?

Perhaps if she showed her spoiled horrible offspring how to handle
money

they wouldn’t use it to COUNTER SUE HER FAT LARD ASS ?

JUST A THOUGHT!

UNIVERSE, PLEASE MAKE IT STOP!?

PLEASE?

————————-Bonju
Billionaire Says Her Kids Aren’t Fit for Inheritance

The Wall Street JournalBy Robert Frank | The Wall Street Journal – 2
hours 46 minutes ago

If you ask the rich about the biggest problem created from their
wealth, they will usually say their kids.

EPAMost of today’s self-made rich didn’t grow up with money (surveys
show 75% of millionaires didn’t inherit their wealth). And today’s
rich parents expect their kids to grow up with middle-class values–
just as they did.

[More from WSJ.com: When Mom Goes Viral]

It’s a noble goal. But when those parents are flying the kids around
on a private jet or giving them a Mercedes for their Sweet 16, it
should come as no surprise that their kids lack the same work ethic
and hustle as a middle-class kid.

And so wealthy parents today face an inevitable choice: leaving
boatloads of money to kids who aren’t good with money.

Gina Rinehart, the Australian mining billionaire, has cracked open the
debate with a strange court battle winding its way through the
Australian legal system. In short, Ms. Rinehart inherited a mining
empire from her dad. Her three kids were also left with a stake in the
family trust. Yet Ms. Rinehart shut them out of their ownership
stakes, and now the kids are fighting back.

[More from WSJ.com: Finding Food Allergy Allies]

Court documents cited in the Australian media show that Ms. Rinehart
believed the kids weren’t fit to manage their fortune. She said none
had ever held a real job, unless it was given to them by the family.
“None of the plaintiffs (her children) has the requisite capacity or
skill, nor the knowledge, experience, judgment or responsible work
ethic to administer a trust in the nature of the trust in particular
as part of the growing HPPL Group,” she claimed in court papers.

She added that the kids are “manifestly unsuitable” to manage the fund
and that it would be in the “best interests of the beneficiaries to
force them to go to work.”

[More from WSJ.com: Debt, the American Way]

Ms. Rinehart may well be right. But it raises a natural question: who
raised these kids? And if Ms. Rinehart played a role, isn’t she
basically using her own parenting as the reason to cut them out?

Granted, kids are only partially shaped by the parents. But for a rich
parent to criticize their kids as lacking a work ethic seems, well, a
bit rich.

[Related: Kids Are Genius!]

Do you think it’s fair for rich parents to criticize their kids for
being spoiled?

0-0000000000000000

For us Americans this is wikipedia on Gina Numbnuts
Gina Rinehart
From Wikipedia, the free encyclopedia
Gina Rinehart
Born Georgina Hope Hancock
9 February 1954 (age 58)
St John’s, Perth, Western Australia
Nationality Australian
Occupation Mining magnate
Known for Richest person in Australia
Net worth increase US$ 18 billion (2012 Forbes)[1]
increase AU$ 10.31 billion (2011 BRW)[2]
Spouse • Greg (Milton) Hayward (1973–1981)
• Frank Rinehart (1983–1990)
Children • John Langley (Hayward) Hancock
• Bianca Hope Hayward
• Ginia Rinehart
• Hope (Rinehart) Welker
Parents • Lang Hancock and
• Hope Margaret Nicholas

Georgina “Gina” Hope Rinehart (born 9 February 1954) is an Australian
businesswoman in the mining industry. She is the heiress ofHancock
Prospecting and the daughter of the late mining magnate Lang Hancock
and Hope Margaret Nicholas. During 2011, both Forbes Asia and Business
Review Weekly claimed that Rinehart was Australia’s wealthiest person.

In a separate matter presently before the courts, three of Rinehart’s
four children, Hope Rinehart Welker, John Hancock, and Bianca
Rinehart, commenced legal action as a result of Rinehart (as sole
trustee) delaying the vesting date of the Hope Margaret Hancock Trust,
which her four children are beneficiaries of.[3]
Contents

[hide]

    1 Early life and family
    2 Business activities
    3 Political activities
    4 Wealth
        4.1 Wealth rankings
        4.2 Philanthropy
    5 Bibliography
    6 References
    7 Further reading
    8 External links

[edit]Early life and family

Rinehart was born at St John’s, Perth, Western Australia, the daughter
of Hope Margaret Nicholas and Lang Hancock. An only child, Rinehart
lived with her parents at Nunyerry, 60 kilometres (37 mi) north of
Wittenoom, until she was four,[4] later boarding at St Hilda’s
Anglican School for Girls in Perth. She commenced studying economics
at The University of Sydney[2] and later worked for her father,
gaining an extensive knowledge of the Pilbara iron-ore industry.[5]

As a teenager Rinehart met Englishman Greg Milton, while both were
working in Wittenoom. In 1973 Rinehart, aged 19, married Milton, and
he changed his surname to Hayward. Together they had two children,
John Langley[6] and Bianca Hope.[7] However, the marriage did not last
and Rinehart and Hayward separated in 1979 and divorced in 1981.[8][9]
In 1983 she married Frank Rinehart,[10] a 57 year old American
corporate lawyer. They had two children together, Ginia and Hope, born
18 months apart.[11][12] Frank died in 1990.[13]

She commenced an acrimonious legal fight with her stepmother, Rose
Porteous, in 1992 over the circumstances of her father’s death and
control of the Hancock assets. The court cases and negotiations
ultimately took 14 years to settle.[14]

In 1999 her proposal was approved to name a mountain range after her
family. The Hancock Range is situated about 65 km north-west of the
town of Newman at 23°00′23″S 119°12′31″Eand commemorates the family’s
contribution to the establishment of the pastoral and mining industry
in the Pilbara region.[15]

In 2003 following a falling out with Rinehart, her son, John Langley
Hayward, changed his surname by deed poll to John Langley Hancock, and
their relationship remains difficult.[5][16]John’s sister, Bianca Hope
Reinhart, tipped to take over the family business, served as a
director of Hancock Prospecting and HMHT Investments until 31 October
2011, when she was replaced by her half-sister, Ginia Rinehart.[16][17]
[18] Rinehart’s other daughter, Hope, married Ryan Welker, an American
and a director of Mineral Resources. Together they live inSydney.[16]
Hancock Prospecting and Gina Rinehart have an 8 per cent stake in
Mineral Resources.

Prior to his death, Lang Hancock established the Hope Margaret Hancock
Trust, nominating Rinehart as trustee, with his four grandchildren
named as beneficiaries. The Trust holds a significant proportion of
the family’s wealth.[19] In 2011, Rinehart’s daughter, Hope Rinehart
Welker, commenced legal action in the NSW Supreme Court over a
commercial dispute, seeking to have Rinehart removed as sole trustee.
Her brother, John, and sister, Bianca, were later revealed as parties
to the dispute.[11][20][21] In an agreement reached between the
aggrieved parties, the Court granted an interim non-publication order.
In making the interim order, Justice Paul Brereton stated “This is not
the first occasion of discord in the family, which has immense wealth,
no small part of which resides in the trust. In the past, the affairs
of the family, including such discord, has attracted considerable
publicity in the media.”[22]However, in a judgement handed down on 7
October 2011, Justice Brereton said he intended to dismiss an
application by Rinehart that there be a stay on court action and that
the family be directed into mediation.[19][23] In December, three
justices of the NSW Court of Appeal lifted the suppression orders on
the case. However, a stay was granted until 3 February 2012;[24] and
extended by the High Court of Australia until 9 March. Rinehart’s
application for suppression was supported by Ginia Rinehart; and
opposed by Hope, John and Bianca, and media organisations.[25] A
subsequent application by Rinehart for a non-publication order on the
grounds of fear of personal and family safety was dismissed by the NSW
Supreme Court on 2 February 2012.[26]

In March when the suppression order was lifted, it was revealed that
Rinehart had delayed the vesting date of the trust, which prompted the
court action by her three older children.[27]
[edit]Business activities
Main article: Hancock Prospecting

Following the death of her father in March 1992, Rinehart became
Executive Chairman of Hancock Prospecting Pty Limited (HPPL) and the
HPPL Group of companies. All companies within the group are privately
owned.

Recent years has seen Rinehart focus on developing Hancock
Prospecting’s undeveloped deposits, raising capital through joint
venture partnerships and turning reserves into revenue producing mines.
[2]

Rinehart, via Hancock Prospecting, shares 50% of the profits generated
by the Hope Downs mine which is operated by Rio Tinto and produces 30
million tonnes of iron ore annually. Another joint venture with
Mineral Resources Limited at Nicholas Downs, northwest of Newman is
producing 500 million tonnes of ferruginous manganese.[citation
needed] The Alpha Coal and Kevin’s Corner projects in Central
Queensland, both with production due to commence in 2013, are expected
to produce 30 million tonnes of coal each.[28] The Roy Hill iron ore
project, south of Port Hedland, in the Pilbara is expected to begin
production in 2013 with a yield of 55 million tonnes a year.[29][30]

In 2010 Rinehart took a 10% stake in Ten Network Holdings; James
Packer had acquired an 18% stake in the same company shortly before.
Since then she has also acquired a substantial stake in Fairfax Media.
This foray into media ownership is a major change from previous
corporate activities which have been mainly resource-related.[31] In
February 2012 she increased her stake in Fairfax to over 12%, becoming
the largest shareholder of the company.[32][33]
[edit]Political activities

Rinehart has been a vocal opponent of the Federal Government’s
proposed Mineral Resource Rent Tax as well as the Carbon Pollution
Reduction Scheme. In 2010 Rinehart departed from her previously
private persona and joined with Andrew Forrest and others in opposing
the schemes.[34]

Rinehart also founded the anti-tax and climate change sceptic lobby
group ANDEV, (“Australians for Northern Development & Economic Vision”)
[35] and has paid for the trips of climate change sceptic Christopher
Monckton to Australia.[36][37]
[edit]Wealth

Rinehart first appeared on the 1992 BRW Rich 200 list, published
annually in the Business Review Weekly (BRW), following the death of
her father earlier that year. She has appeared every year since, and
became a billionaire in 2006. Due to Australia’s mining boom in the
early 21st century, Rinehart’s wealth has increased significantly
during 2010 and 2011, and she has diversified investments into media,
taking holdings in Ten Network Holdings and Fairfax Media. According
to BRW, she became Australia’s richest woman in 2010, and Australia’s
richest person in 2011, and the first woman to lead the list. BRW
estimates her wealth at A$10.31 billion, with Ivan Glasenberg being
her closest rival, with net wealth estimated at A$8.8 billion.[2]

In 2007 she first appeared on Forbes Asia Australia’s 40 Richest, with
an estimated wealth of US$1 billion;[14] more than doubling that the
next year to US$2.4 billion; and then, in spite of the global
financial crisis, by 2011 had more than trebled to US$9 billion;[5]
and doubled again in 2012 to US$18 billion.[1] Releasing the results
in February 2011, Forbes was the first to name her as Australia’s
richest person; with BRW conferring the same title in May that year.

In June 2011, Citigroup estimated that she was on course to overtake
Carlos Slim, the Mexican magnate worth £46 billion (US$74 billion) and
Bill Gates, who is worth £35 billion (US$56 billion), mainly because
she owns her companies outright. Using a price-to-earnings ratio of
11:1 that applied at that time to her business partner, Rio Tinto, the
Australian internet business news service, SmartCompany, stated: “It
is possible to see Rinehart’s portfolio of coal and iron ore
production spinning off annual profits approaching US$10 billion,”
giving her a “personal net worth valuation of more than US$100
billion.”[38][39] In January 2012, there were further media reports
that Rinehart’s estimated wealth has increased to A$20 billion
following estimates that the Roy Hill project was notionally valued at
A$10 billion.[40][41]
[edit]Wealth rankings
Year BRW Rich 200 Forbes Australia’s 40 Richest
Rank Net worth (AUD) Rank Net worth (USD)
2006 8 increase $1.80 billion increase
2007[14][42] 4 increase $4.00 billion increase 14 increase $1.00
billion increase
2008[43][44] 5 decrease $4.39 billion increase 6 increase $2.40
billion increase
2009[45][46] 4 increase $3.47 billion decrease 7 decrease $1.50
billion decrease
2010[9][47] 5 decrease $4.75 billion increase 9 decrease $2.00
billion increase
2011[2][5] 1 increase $10.31 billion increase 1 increase $9.00
billion increase
2012[1] 1 increase $18.00 billion increase
Legend
Icon Description
steady Has not changed from the previous year
increase Has increased from the previous year
decrease Has decreased from the previous year
[edit]Philanthropy

In a 2006 Business Review Weekly article reviewing the way Australia’s
rich support philanthropy, it was noted that Rinehart prefers to keep
a low profile.[48] Rinehart is publicly known for funding the
construction of a girl’s orphanage in Cambodia[49] and supporting the
Hope Scholarship Award Program for girls run by SISHA, a Cambodian non-
profit organisation campaigning against human trafficking.[50][51]
Rinehart has also supported St Hilda’s Anglican School for Girls,
where the school hall is named in honour of her mother.[5]
[edit]Bibliography

    Leser, David (1999) (paperback). The Whites of Their Eyes. Sydney:
Allen & Unwin. pp. 296. ISBN 9781865081144.

[edit]References



————————–

man, she’s fat!
Rinehart’s Children May Have $4.7 Billion Stake in Trust
By Joe Schneider on March 12, 2012

    Gina Rinehart, chairwoman of Hancock Prospecting Pty., left, and
daughter Ginia Rinehart in Perth, Australia, on Oct. 26, 2011.
Photographer: Ron D?Raine/Bloomberg

The four children of Gina Rinehart, Asia’s richest woman, may have a
stake of as much as $4.7 billion in a trust at the center of a dispute
where the three eldest are suing to oust their mother as trustee.

Jay Newby, chief financial officer of Hancock Prospecting Pty,
calculated the value of each child’s share of the trust at A$600
million ($632 million) in a Sept. 4 e-mail, based on an estimate of
her wealth of A$10.3 billion. Rinehart’s current net worth of $20.2
billion, according to the Bloomberg Billionaires Index, would put each
child’s stake at about $1.18 billion based on Newby’s calculations.

“Given the developments on hand in the group, this is a modest
figure,” Newby said, referring to the A$10.3 billion estimate. The e-
mail was among more than 800 pages of documents released by the New
South Wales Supreme Court yesterday in the family litigation after
Rinehart lost a final bid to block their release at Australia’s top
court. Hancock Prospecting holds the majority of Rinehart’s fortune
including stakes in some of Australia’s biggest coal and iron ore
mines.

Hope Rinehart Welker, Bianca Rinehart and John Hancock sued their 58-
year-old mother in Australian state court in September seeking to have
her removed as trustee, accusing her of misconduct by threatening
their financial ruin, giving them a single day to sign an accord
extending her control of the trust and lying to them in a bid to sign
the agreement.
Bankruptcy Threats

“Suggestions that Mrs. Rinehart threatened any of John Hancock, Hope
Rinehart Welker or Bianca Rinehart with bankruptcy are incorrect and
offensive,” her lawyer, Paul McCann, said in a March 10 e-mailed
statement.

Newby said in the Sept. 4 e-mail to Bianca, that based on the A$600
million estimate of her stake, she would have to pay about A$142
million in capital gains taxes.

“It is important to note that whatever value we might ascribe is
irrelevant — the tax office would obviously be keen to ascribe a far
higher value in order to collect more” capital gains taxes, Newby said
at the time.

Newby couldn’t be reached by phone, a receptionist at Perth-based
Hancock Prospecting said yesterday, and the company didn’t immediately
respond to an e-mailed request for comment on the valuation of the
trust. McCann declined to comment on the estimated valuation of the
stake in an e-mailed reply to Bloomberg News. Andrew Bell, a lawyer
for the eldest children, didn’t respond to a request for comment left
at his office.
Inheritance

Rinehart inherited iron ore mining assets from her father and has an
agreement with Rio Tinto Group under which she collects royalties on
properties in Western Australia mined by Rio. She agreed in August to
sell coal projects in Queensland to GVK Power & Infrastructure Ltd.
(GVKP) for $2.2 billion.

Her wealth has more than doubled in the past year, as soaring demand
for coal and iron ore from China has made her mining assets more
valuable.

She had attempted to persuade the children to sign the new agreement
keeping her in control of the holdings and extending the trust’s
expiration to the latest allowed under law in 2068, according to the
documents. She had said they would face bankruptcy with the pending
tax bills if they allowed the trust to be dissolved on Sept. 6, the
25th birthday of youngest child Ginia, who has sided with her mother
in the dispute, as the trust’s rules had required.
Reconsider Lifestyles

“Bankruptcy is not in the financial interests of the beneficiaries,”
Rinehart wrote in an e-mail urging the children to accept the new
agreement. “It may however be reasonably arguable that personal
development-wise it would be in the best interests of the
beneficiaries to force them to go to work and reconsider their
holidaying lifestyles and attitudes.”

Under Hancock Prospecting’s, or HPPL’s, constitution, only a person
who is a Hancock family group member is entitled to hold and control a
share in the company.

“These provisions in the constitution are unable to be changed,”
Rinehart wrote in a Sept. 3 e-mail to Bianca. “It is hence not
possible for me or any beneficiary to either sell HPPL shares to a
third party or raise funds by way of borrowings using HPPL shares as
security.”

The three children suing accused her of “falsely representing by
implication to Hope Rinehart Welker that she had not varied the trust
– and that Hope Rinehart Welker would face the financial consequences”
as far as bankruptcy even though Rinehart unilaterally extended the
vesting date before notifying them.


---
Lois Cairns
Wannabe "survivor"