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A Brief Account of the Adsteam Saga The Adelaide Steamship Company Limited began operating passenger and cargo ships since 1875. A downturn in its core activities during the 1960's and 1970's led the company to diversify into other activities. Under the leadership of John Spalvins it went to acquire enough interests to effectively control some of the leading companies in the food, ship towage, building, retailing and financial industry throughout the 1980's, without having majority ownership or more than 50% interest. Clarke et al described how this acquisition strategy resulted in an extremely complicated cross-shareholder-based structure for Adsteam (2003, p. 158). Things took a different turn in 1989. Adsteam went for two ambitious investment schemes that went bad, one of which involved the 100% debt-financed acquisition of IEL for $900 million. Analysts took notice of this and gave unfavourable assessments of Adsteam's liquidity and ability to pay its debts. With the growing...

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