The first Book Nook Commencement was devised for William Moenkhaus by his group of friends, the "Bent Eagles," and Peter Costas, who owned the the Book Nook, when Moenkhaus was denied his diploma at IU for not completing a class. The Commencement became more and more elaborate over the four years it was held, conferring fake degrees and diplomas for a variety of "majors." This 1928 Commencement drew quite a crowd. The last Commencement ceremony was held in 1931 but the depression put a stop to the production.