▁Ma con , ▁and ▁opened ▁a ▁small ▁office ▁space ▁a ▁few ▁blocks ▁away ▁on ▁Cot ton ▁Avenue . ▁After ▁Ot is ▁Red ding ’ s ▁death ▁in ▁ 1 9 6 7 , ▁Phil ▁Wal den ▁continued ▁their ▁shared ▁dream ▁for ▁a ▁recording ▁studio , ▁but ▁the ▁initial ▁plan ▁for ▁an ▁R & B ▁driven ▁label ▁no ▁longer ▁held ▁its ▁original ▁appeal ▁without ▁Red ding . ▁ ▁Wal den ▁and ▁Frank ▁F enter ▁approached ▁Vice ▁President ▁of ▁Atlantic ▁Records ▁Jerry ▁W ex ler ▁about ▁fund ing ▁the ▁project . ▁W ex ler ▁liked ▁Wal den ’ s ▁idea ▁of ▁a ▁studio ▁with ▁studio ▁mus icians ▁but ▁thought ▁the ▁studio ▁should ▁also ▁include ▁a ▁record ▁label . ▁They ▁decided ▁to ▁call ▁the ▁label ▁and ▁studio ▁“ Cap ric orn ” ▁after ▁their ▁shared ▁ast ro log ical ▁sign . ▁With ▁a ▁mon et ary ▁invest ment ▁from ▁W ex ler ▁and ▁a ▁distribution ▁deal ▁with ▁Atlantic ▁Records , ▁Cap ric orn ▁Records ▁was ▁close ▁to ▁completion ▁in ▁ 1 9 6 9 ▁with ▁a ▁production ▁deal ▁with ▁Atlantic ▁Records . ▁Wal den ▁began ▁looking ▁for ▁talent , ▁both ▁mus icians ▁and ▁engine ers . ▁ ▁First ▁inc arn ation : ▁the ▁ 1 9 7 0 s ▁ ▁Between ▁the ▁time ▁Red ding ▁and ▁the ▁Wal den ▁brothers ▁purchased ▁the ▁studio ▁property ▁and ▁Phil ▁Wal den ’ s ▁partners hip ▁with ▁W ex ler , ▁the ▁studio ▁was ▁called ▁the ▁Ot is ▁Red ding ▁Memorial ▁Studio . ▁Under ▁both ▁names , ▁the ▁space ▁bl