In the 1970s and 1980s, with John SpalvinsClarke et al. (2003) Corporate Collapse, pg.xiii at the helm, the company became a corporate raider with a portfolio financed by huge borrowings. The recession of the early 1990s caused lenders, over 200 banks, to demand the return of their assets.Macfarlane, Ian (2006). The real reasons why it was the 1990s recession we had to have . 9 December 2006. The Age: Business. Retrieved 26 June 2009. (Ian Macfarlane was Governor of the Reserve Bank of Australia (RBA), Australia's central bank, from 1996 to 17 September 2006.)Sexton, Elisabeth (2007). Fresh twist in IEL's monster tax case . 28 December 2007. Brisbane Times Online. Retrieved 27 June 2009. This forced the liquidation of the portfolio.Gettler, Leon (2004). Ex-Spalvins company forced to take $234m tax bill on board . The Sydney Morning Herald. Retrieved 25 June 2009.Randall, Jeff (2005). Wizards from Oz could fall as flat as Eddie the Eagle . Telegraph Online. Retrieved 27 July 2009.
