Most damaging to the government's reputation was the failure of the Principal Group, an Edmonton-based trust company. Its investment subsidiaries were ordered shut down June 30, 1987, by court orders obtained at the instigation of Provincial Treasurer Dick Johnston. The parent company went bankrupt August 10 amid accusations of fraud. A court-ordered investigation led by Bill Code found that the company was in trouble as early as 1980 and, though subsequent economic downturns hurt it, "it would not have been profitable in any event". It also found that Consumer and Corporate Affairs Minister Connie Osterman had disregarded 1984 warnings from a regulator in her department that the company was likely insolvent. Though Osterman was fired shortly after the report's release, Getty's immediate offer of an $85 million settlement to investors further hurt the government's reputation in areas of business.