Finding investors proved to be difficult. The US electronics industry was concentrated in the east, and the California group preferred to stay near Palo Alto. In August 1957, Rock and Coyle met with the inventor and businessman Sherman Fairchild, founder of Fairchild Aircraft and Fairchild Camera. Fairchild sent Rock to his deputy, Richard Hodgson. Hodgson, risking his reputation, accepted the offer and within a few weeks completed all paperwork. The capital of the new company, Fairchild Semiconductor, was divided into 1,325 shares. Each member of the traitorous eight received 100 shares, 225 shares went to Hayden, Stone & Co and 300 shares remained in reserve. Fairchild provided a loan of $1.38 million. To secure the loan, the traitorous eight gave Fairchild the voting rights on their shares, with the right to buy their shares at a fixed total price of $3 million.