|In Stefnews Speer gave this code name to the launching of the Fantasy Foundation. The conspirators planned to spring it suddenly at the Pacificon and put it over with a bang, replacing the moribund N3F. (Perhaps this explains the hoax on Dunkelberger on that occasion.) The Foundation failed to make much impression, partly because of 4e's illness, but more, Speer believes, because of the Zeitgeist. After the convention, when an effort was made to organize a Board of Trustees, most of those picked for it failed to respond. This signaled the collapse of the Brain Trust and therewith the end of Third Fandom.
from Fancyclopedia 2 Supplement ca. 1960:
One reason this failed -- aside from the cited Zeitgeist -- was the conflicting concepts of Ackerman and Laney on function. 4e wanted simply a repository, a glorified Garage; the others wanted it to actually do things, an N3F unhampered by democracy.