Menelvagor Ltd was originally a Sword World company, created by Beowulf Heyerdahl. He was the second son of Baron Heyerdahl of Tizon ( Sword Worlds / Spinward Marches 0922). In 1100, Beowulf mustered out from the Sword Worlds Patrol Service on his homeworld, took his inheritance as a second son and went trading. Initially, he simply booked passage and paid for starship freight costs. After chancing on a cache of gems at Beater ( Sword Worlds / Spinward Marches 1424), his wealth reached MCr 40, and he decided to create a company for financial management reasons (mostly to lower his tax).
Beowulf established Menelvagor Ltd on 059-1101, pouring his fortune into the company. He headed into the Imperium, continuing to trade and to "see the sights" - a true traveller. In mid-1102, a profitable load of computers increased Menelvagor's capital to nearly MCr 200. The company commissioned the Mithril Wanderer, which served as its flagship for the next ten years. By 1105, Menelvagor was worth over MCr 300, and commissioned the design of the 12,810-ton armed merchant cruiser, Bonaventure.
The outbreak of the Fifth Frontier War led to instability and an eventual rebellion on Tizon. In 1108, Beowulf's father and older brother were killed. His older sister Heidi Maria (now Baroness) managed to escape in a single ship with her closest associates. She took what she could of the family fortune, mostly transportable items such as gold, gems, and cash, to the value of MCr 100. Heidi toward Regina ( Regina / Spinward Marches 1910), Beowulf's last known location. Stopped at Garda-Vilis ( Vilis / Spinward Marches 1118, she managed to obtain clearance into Imperial space as a "refugee" (after sufficient bribery). However, travel toward Regina was blocked due to the invading Zhodani 40th Fleet. Heidi decided to trade around Vilis subsector until 1109, making many trading contacts.
Beowulf was actually at Dentus ( Regina / Spinward Marches 2201), acquiring a load of weapons (including ship nukes) from a destroyed Vargr fleet. He used his armed cruiser to transport these outside the Imperium to Utoland ( Jewell / Spinward Marches 1209), trading arms for gems and increasing capital to nearly MCr 500. Returning, he traded the gems at Kinorb ( Regina / Spinward Marches 2202) for a huge profit, bringing capital to over MCr 650.
Heidi headed for Regina in mid-1109, only to be stopped at Equus ( Lanth / Spinward Marches 2417) by the Zho invasion. She traded in the area, discovering the "Golden Triangle" of crowded and industrialised Heroni ( Mora / Spinward Marches 2521), rich agricultural Byret ( Mora / Spinward Marches 2523), and poor Fosey ( Mora / Spinward Marches 2621). However, pirates from Skull ( Lanth / Spinward Marches 2420) discovered that Heidi was shipping valuables.
In early 1110, Heidi was able to proceed towards Regina. The pirates, following behind, missed her trail and then proceeded to Regina to intercept her. Beowulf, in the meantime, had left the Bonaventure at Kinorb ( Regina / Spinward Marches 2202) and headed to Regina in the Mithril Wanderer. Confusing his activities with those of Heidi's, the pirates attacked and destroyed his ship in the Regina system, killing Beowulf. In turn, the Navy - responding to Beowulf's distress call - destroyed the pirates.
Heidi arrived to find her brother dead, with his company fortune left to his "closest surviving relative". She then had to prove her identity in order to claim his body for burial and his fortune. Two and a half months later, her claim was accepted. The combined total of their fortunes was worth MCr 800. Heidi elected to take over Menelvagor Ltd, and her skilful handling allowed the company's worth to reach MCr 3,000 by 1117.
Just after establishing her identity, Baroness Heidi was invited to a function at Duke Norris' household. Here she met Count Leto Khaanraarshuinki of Caradoc LIC. They discussed his proposal to purchase Tavonni, and she decided to offer to build the starport.