Holmes à Court initially disposed of some Perth properties before accepting a joint takeover by Bond Corporation and the State Government Insurance Commission (SGIC), in which both parties took a 19.9% stake in Bell Group. Holmes à Court retained 6% of Bell Group and received $340 million from the sale. Bond Corp was subsequently forced to bid for other shares in Bell with the result that it ended up with a majority shareholding of 68% of Bell Group. Bond Corp then proceeded to strip $500 million from Bell Resources in an effort to prop up its own debts. The asset stripping included transferring cash from Bell Resources Ltd for its own purposes (thus breaching the company code and ultimately sending its chairman Alan Bond (businessman) to jail), transfer of ownership of newspaper holdings into Bond Media and disposal of certain assets including TVW-7.