From September 1973 to September 1975, Tactical Studies Rules was a partnership of hobbyists, not a corporation. Under Wisconsin law at the time, partnerships apparently couldn't sell stock shares -- but TSR devised a way to sneak key people some equity in the venture. The above shows the partnership granting five "units of value" to Dave Arneson, on May 1, 1975. So, what were these "units of value"?
