Fair Finance: 2001-2005
2001
June: Indiana businessman Timothy S. Durham forms Obsidian Enterprises. The holding company's interests include rubber reclaiming, trailers, truck frames and motor coaches. It is beginning to show losses.
Oct. 25: Fair Finance in Akron asks Ohio to authorize investment certificates and reports that it is negotiating with a buyer.
Dec. 21: Fair Finance offering circular says that new company, Fair Holdings, has purchased the company. Durham is chief executive and a director; James Cochran is chairman.
2002
Jan. 7: Fair Holdings completes purchase of Fair Finance.
Jan. 8: Fair Finance makes its first loan to Obsidian Enterprises, according to Securities and Exchange Commission filings.
Jan. 9: Fair Finance opens $3 million line of credit for Obsidian.
Jan. 30: Dan Laikin, Durham and related businesses agree to buy National Lampoon parent J2 Communications.
July 29: Fair Finance offering circular says that the company owes former owner Don Fair $4 million.
2003
March: Durham and Laikin each lend more than $2 million to National Lampoon. The company reports mounting losses to the SEC.
2004
Sometime during the year: Durham takes possession of a new $7 million, 98-foot yacht, Obsidian, and moves into a mansion appraised at $2.7 million.
April: Obsidian buys Michigan trailer maker Classic Manufacturing.
Aug. 1: Fair Finance reports that it has lent Fair Holdings $60 million to buy artwork, real estate and capital equipment. Fair Holdings, in turn, can lend money to its corporate parent, DC Investments, which in turn can lend as much as $11 million to Durham and Cochran.
2005
Jan. 31: Laikin named chief executive of National Lampoon Inc.
July 7: Durham announces plans to take Obsidian private as losses mount for the publicly traded company.
Oct. 31: Obsidian ends its fiscal year with growing losses and debt to Fair Holdings.
Nov. 1: Fair Finance asks Ohio to approve the sale of up to $250 million in investment certificates.
