The country’s weirdest billionaire, Clive Palmer, who some say has numerous rivals in the same income group, has been known to sink his billions into some ‘wild and wacky’ projects from dinosaur theme parks to political parties, but his latest one to rebuild a life-size version of the Titanic could give him the fame he clearly loves.

On responding to why he seriously wants Titanic II, which will be an authentic replica (with additions such as Turkish baths and, hopefully, better iceberg detection equipment and more lifeboats), Clive gave us his philosophy on life as a billionaire: “It’s a lot more fun to do the Titanic than it is to sit at home and count my money.”

Who can argue with that? And how many of us will get to put that claim to the test?

This is an obvious tourism business project on Clive’s ‘Titanic II’ play and lots of people would love to risk a trip on the Titanic, wouldn’t they? But in true Palmer tradition it looks like his dream will take him to court!
Who will he be suing? None other than the original shipbuilders of the Titanic — the company Harland & Wolff — who believe it or not still operate and are on the stock market! However, as the chart below shows, like its famous creation, it’s sinking!

The company is taking in water and is in dire straits, as the SMH’s Elizabeth Knight informs us, revealing that “…this week, even the UK government refused to throw a lifeline to this iconic boat builder.”

True to form, as the company’s board flounders, Clive, who recently bought a 3% stake in the business, has floated in an offer of $200 million that isn’t clear whether it’s an equity play or a loan. But wait there’s more: he’s also putting in an order for his Titanic II with a price tag of $1 billion!

However, like many of Clive’s offerings to do business with other parties, despite their potential financial drowning, Harland & Wolff has rejected his lifeline.
Why? As Knight reminds us, Clive actually has a net worth of $23 billion so he could easily right the company’s ship that’s heading for the rocks, but maybe the board has googled his past corporate dealings that show he can be controversial and litigious!

The ancient shipbuilder clearly has looked at the options of bankruptcy and Clive, and went for the only other play in preference, as Knight revealed. “The shipyard, which increased its loan package by $US25 million ($38 million) to stave off the corporate undertakers, is clearly a beggar but, in rejecting Palmer’s overtures, seems to still be a chooser,” he wrote.

As a consequence, the UK company is now experiencing what Clive is famous for: going public with his complaints about the injustices that are often thrown his way.

He claims there’s a “dirty deal” afoot and is calling out the chairman and board claiming they’re ignoring the interest of shareholders. Unsurprisingly, he’s calling for a UK government inquiry but, at the moment with race riots dominating headlines there, the Palmer complaints might be ignored until Harland & Wolff sinks out of sight.

Whatever happens, if Clive misses out, the board of this troubled shipbuilder could face costly court action from a human iceberg of Palmer proportions.

The money magnate’s willingness to sue has no bounds, such that last year he alleged that the Commonwealth was responsible for a Western Australian law that prevented him from seeking damages for a rejected mining project, so he launched a $300 billion case against Australia!
Given his $23 billion, this is an unsinkable ‘iceberg’ you ignore at your peril!