🚀 go-pugleaf

"Lois Cairns @ Fairfax Smears Ltd." <lois.cairns.fair...@gmail.com>
wrote:
>
> FAT FEMALE BILLIONAIRE SEEKS TO DENY HER KIDS THE FAMILY FORTUNE IN
> COURT????
>
> http://bonjupatten.com/2012/03/13/fat-female-billionaire-seeks-to-den...
>
> 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"

She's a fat, ugly bush pig alright.

Have a go at her:

http://www.abc.net.au/news/2012-06-18/gina-rinehart/4077488

What worries me is that Tony Abbott is on record as saying that the
bovine blimp pays too much tax.

But what's more worrying is that Australians agreed with him.