To pay Lockheed, he went back to the banks who agreed to finance the purchase providing his wealthy grazier investors guaranteed the loan. The investors backed him, but at the price of Ansett handing over most of his personal shares in Ansett Airways. Australian National Airways (ANA), the major Australian airline at the time, headed by Ivan Holyman and backed by five British shipping companies, made a takeover bid for Ansett in 1938. While Holyman did not take Ansett Airways seriously, he was attempting to create a major airline monopoly in Australia. Ansett was one more opponent to be eliminated by takeover. At this stage Ansett Airways shares had dropped to 8s (80 cents). The Ansett chairman Ernest O'Sullivan was a banker with no experience in the airline business. When Holyman offered 9s (90 cents) per share for Ansett Airways, he and the board of directors jumped at it. Determined not to lose his fledgling business, Ansett called an extraordinary meeting of shareholders. In the heated confrontation he convinced enough shareholders to back him and the bid failed. O'Sullivan resigned on the spot.