Property giant Mirvac and mining magnate Nathan Tinkler are in settlement negotiations over a failed multi-million-dollar agreement to buy industrial land for a new coal terminal in the NSW Hunter region.
Mirvac arm Domaine Steel and Mr Tinkler's company Ocean Street Holdings were due to start a hearing over the failed agreement in the NSW Supreme Court on Tuesday morning.
However, Mirvac's counsel Ian Jackman SC told the court that the parties were in advanced negotiations to reach a settlement and believed they could reach an agreement during the morning.
"Settlement negotiations are at a very advanced stage," Mr Jackman said.
"There are a few issues of conveyancing detail that need to be ironed out."
Justice Michael Slattery has adjourned the case until 1130 AEDT but said that if they could not reach an agreement in that time then the hearing would proceed.
Domaine Steel successfully sued Ocean Street Holdings and another of Mr Tinkler's company's guarantors, Buildev Group, in the NSW Supreme Court after they failed to honour an agreement to buy industrial land for a new coal terminal in Newcastle.
Mr Tinkler was given a court-ordered September 1 deadline to pay Mirvac $17 million.
When as the deadline was missed, Mirvac lodged a contempt of court order to sequester Mr Tinkler's assets.
