On March 10, 1969, controlling interest in the near-bankrupt Industrial Equity, Ltd. (I. E. L.) managed by Gulf Oil-linked New Zealander Ron Brierley is allegedly purchased by Australasian and Pacific Holdings, Inc. agents Colby and Parsky through Mellon Bank and Pittsburgh National Bank.

Gulf Oil associate Bob Seldon, reportedly a consultant for Australasian and Pacific Holdings, Inc., allegedly helps ex-Air America pilot Michael Hand reorganize I. E. L. The new I. E. L. board established on July 24 includes Hand, Seldon, Brierley, and Brierley associates Frank Nugan and Bob Jones, both of whom are appointed consultants to Australasian and Pacific Holdings, Inc. Brierley and Jones are principals in the Brierley/Jones Investments real estate partnership.