I understand that the term, "Voodoo Economics" is associated with President Ronald W. Regan. To learn more about it, search Google. I like this term, and now use it to characterize any "goofy use of economics". The mastermind group created a new company, The Blacksburg Group Inc., with the objective of stripping Nanotran Inc. and Tychon Inc. of their assets.
April 1978 -- “The Blacksburg Group” – consisting of Titus, Rony, Larsen, and Titus – mentioned on the inside covers of the third printings of the original, typewritten Bugbooks V and VI by Capital City Press, Montpelier, Vermont. At the time, “The Blacksburg Group” was not incorporated.
March 12, 1979 – Attorney John G. Rocovich sends letter to Jon Titus stating that he wanted to negotiate Peter Rony’s withdrawal from both Nanotran, Inc. and Tychon, Inc. See an image of the letter as a Tidbit.
March 12, 1979 to October 8, 1979 – Negotiations for an amicable withdrawal were unsuccessful.
October 8, 1979 -- The Blacksburg Group, Inc. was established.
October 15, 1979 -- The Blacksburg Group, Inc. was awarded its Certificate of Incorporation. The initial directors of The Blacksburg Group, Inc. were Jonathan A. Titus, David G. Larsen, and Christopher C. Titus. Plaintiff was not informed at the time when The Blacksburg Group, Inc. was formed.
On or about October 31, 1979 -- The Blacksburg Group, Inc. made a payment of $500 to Tychon, Incorporated and a payment of $1000 to Nanotran, Incorporated.
December 3, 1979 -- the board of directors of Nanotran, Incorporated recommended the sale of some of the assets of Nanotran for $22,100 to The Blacksburg Group, Inc., the terms of which were $1000 down, and 8% interest for ten years.
December 3, 1979 -- the board of directors of Nanotran, Incorporated recommended the payment of a $50 per month management fee to The Blacksburg Group, Inc. to administer contracts, agreements, etc. The board of directors also recommended payment of $16,500 in management fees to The Blacksburg Group, Inc. for their services in administering contracts, agreements, et cetera during the first year.
December 3, 1979 -- the board of directors of Tychon, Incorporated recommended the sale of most all of the assets of Tychon, Incorporated to The Blacksburg Group, Inc. The offer from The Blacksburg Group, Inc. was $6,753.00 for all assets of Tychon, Incorporated, as shown on a sheet attached to notice of stockholders meeting given to Plaintiff on December 18, 1979. Payment from The Blacksburg Group, Inc. was to be made to Tychon Incorporated. Under the terms of the sale of assets of Tychon, Incorporated to The Blacksburg Group, Inc., Tychon, Incorporated was to pay a fee of One Hundred ($100.00) Dollars per year to The Blacksburg Group, Inc.
December 14, 1978 -- Plaintiff made an offer to purchase all of the Nanotran, Incorporated assets listed in the minutes of the December 3, 1979, board of directors meeting. Plaintiff offered to pay Forty Thousand with $4,000 down payment, and the remainder paid over 9 years at 8.25% interest for the listed Nanotran, Incorporated assets.
December 24, 1979 -- Plaintiff made an offer to purchase all of the Tychon, Incorporated assets listed on the December 18, 1979 list. Plaintiff offered to pay Six Thousand ($6,900.00) Dollars, with $750 down payment, and the remainder paid over 9 years at 8.25% interest for the Tychon, Incorporated assets listed for sale
January 2, 1980 – Stockholders’ Meeting and Discussion, Nanotran Inc and Tychon Inc
January 8, 1980 – Stockholders’ Meeting and Negotiations, Nanotran Inc and Tychon Inc.
April 21, 1980 -- the directors of Tychon, Incorporated (Larsen, J. Titus and C. Titus) recommended approval of the offer of The Blacksburg Group, Inc. as being superior to the offer of Plaintiff.
April 21, 1980 -- Jonathan Titus stated as his reason for accepting The Blacksburg Group, Inc.‘s offer was that its offer would yield $9,815.00, while Plaintiff’s offer would equal only $9,704.55.
May 7, 1980 -- the stockholders of Nanotran, Incorporated have still not acted on either offer, in spite of the directors’ recommendation of December 3, 1979.
See downloadable PDF files of two stockholders' meetings and a legal document, Request for Admissions, as Tidbits.