b'Wheelers and dealersThe 1980s was an era of excessno less in business thanBrewery) and were introduced for the stated purpose of in music, fashion and lifestyle. Prime minister Bob Hawkereducing litter and conserving energy. As the retailers were and treasurer Paul Keatings deregulation of the Australianrequired to pay the refund, it was more economical for them financial system opened the Australian economy to the world,to stock the local refillable bottles with the smaller 5-cent unlocking valuable investment opportunities. Australianrefund. The High Court held that neither the need to protect entrepreneurs capitalised on this, using their access to athe environment from litter nor the need to conserve energy liberalised debt market to finance ambitious and highlyresources offered an acceptable justification for the different leveraged takeovers.treatment of local and interstate products. The unprecedented flow of mergers and acquisitions madeAmong Bonds investment portfolio was a pine plantation it a busy time for law firmsAllen Allen & Hemsley, Arthuron the Gold Coast in Queensland. To encourage residential Robinson & Co, Hedderwick Fookes & Alston and Feezland sales in the area, Bond built Australias first private Ruthning were involved in almost every big transaction. university. Feez Ruthning advised on the project, using its new Gold Coast office (opened to advise on Gold Coast Alan Bond flies high property developments). Feez Ruthning partner Ken Alan Bond typified the high-flying entrepreneur of theMacDonald drafted the universitys constitution, looking to 1980s, with business interests including brewing, miningthe US and UK for inspiration. Bonds dream was realised in and television. Bold and brash, he thrived on deals and the1989 when Bond University opened its doors.trappings of success.Bond flew high and fell hard. In 1987 when the stock Allen Allen & Hemsley advised Bond on a range of matters,market crashed, his debt-fuelled businesses collapsed. Five from defamation to disputes over television rights. In theyears later he was declared bankrupt, with personal debts mid-1980s the firm advised Bond Corporation on the acquisitiontotalling $1.8 billion. The following year the over-leveraged of Castlemaine Tooheysthe largest corporate takeover inBond Corporation went into liquidation. In 1997 Bond was Australias history at the timegiving the company control ofjailed for illegally siphoning money between companies.almost half of Australias beer market. The chase for SkaseIn 1990 the firm acted for Bond Corporation in CastlemaineBond was not alone in his spectacular fall from grace. Tooheys Ltd v South Australia, a High Court of Australia caseChristopher Skase, another high-flying entrepreneur, made involving section 92 of the Constitution which providesfront page news in 1989 when his company, Qintex, that trade and commerce between the states shall becollapsed with debts of over $1 billion. Unlike Bond, Skase absolutely free. Bond Corporation claimed amendmentshad been wealthy from birth. Known for his lavish lifestyle, to the Beverage Container Act 1975 (SA) discriminatedflashy parties and impeccable dress, Skase used the ready against brewers outside South Australia, includingaccess to debt in the 1980s to build Qintex into one of Castlemaine Brewery. The amendments offered a higherAustralias largest corporations. He would later become onerefund(15cents) for the non-refillable bottles used byof the countrys most wanted fugitives. brewers outside South Australia (including Castlemaine 185'