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The Quote-Unquote Venture Capital Industry in California
A man named Sherman Fairchild at this point in time was the largest shareholder in IBM. His father had helped finance Tom Watson in forming IBM many years, many years earlier. So when the traders eight were trying to get their new company off the ground, they intersected with a man named Arthur Rock. The way it happened, they loaned one and a half million dollars to the company in return for which they got an option to buy all of the stock of the company for three million dollars.