I think that that was 1990 or 1991 and Kerry Packer ended up taking a near 15% position in them (for a while).
Same /similar time, State Bank Victoria, and SBSA (South Australia) both nearly failed, SGIC in SA had to be bailed out, TriContintental in Victoria failed, along with Pyramid, Connell's mates saw the near collapse of WA Inc (etc) and even the trust Bank of Tasmania nearly collapsed.
