Tipp-Ex errors" (German: "Tippfehler"). He subsequently founded a company of the same name. Shortly after that a "Tipp-Ex Sales & Distribution" company (Tipp-Ex Vertrieb GmbH & Co. KG) was founded in Frankfurt by Otto Carls. This company still exists under the name of Tipp-Ex GmbH & Co. KG close to Frankfurt. "Tipp-Ex" became a registered trademark with the German patent office in 1987. Earlier, in 1951, Bette Nesmith Graham invented the first correction fluid in her kitchen and began marketing the product in 1956 as "Mistake Out", later called Liquid Paper. Tipp-Ex GmbH only started to produce white correction fluid in
Michael Nesmith 1974 to manage and develop media projects. Pacific Arts Video became a pioneer in the home video market, producing and distributing a wide variety of videotaped programs, although the company eventually ceased operations after an acrimonious contract dispute with PBS over home video licensing rights and payments for several series, including Ken Burns' "The Civil War". The dispute escalated into a lawsuit that went to jury trial in Federal Court in Los Angeles. On February 3, 1999, a jury awarded Nesmith and his company Pacific Arts $48.875 million in compensatory and punitive damages, prompting his widely quoted comment, "It's like