Bud Flood was the owner of the Sparkling Crystal Pure Flood Water, a bottled-water company. When a heat wave struck St. Canard, he decided to sabotage his concorrents by poisoning their water supplies. Darkwing Duck found him during his last sabotage, and he accidentally fell in one of the poisoned water tanks, melting away completely and presumably dying. But somehow the poison turned him into a living being made completely of water, which also gave him the power to control water. He blames Darkwing Duck for his accident.
Later, Liquidator joined the Fearsome Five, being the most mentally stable member.