Term Sheet 不应该对投融资但单方有利，双方都想利益最大化！

投资条款清单（Term Sheet）不应该对投融资单方有利。毕竟，美国是法治社会，Term Sheet会比较严谨；但国内是关系社会，一般协议文字后面都含有甲乙双方很难描述的背景、实力和利害关系，协议写的长其实也没啥意义，太复杂的协议也很难在法庭上胜诉，即使胜诉也拿不到多少赔偿！

在国内，特别对于权贵或大佬们，即使没协议，他们想随时弄死你就弄死你。即使对草根有利的一页协议或口头协议，草根马上变为弱者，有争议时草根不可能在大会台上与大佬对骂，特别是大佬们在几千人面前说要“抽你一顿”！
除非背后有枪杆子的某领导支持，舆论永远是强者在国内维护自己利益的方式，而不是在协议上找茬或打官司，草根也没钱打官司。
所以，在签以为对自己有利的协议前，要考虑对方强者违约你有什么办法。当然，对于投资者，创业者违约也是很头疼的事情，请看Webplus.com里如何防止投融资违约的方式。

@蒋序程:美国是法治社会，中国不一样[威武]小心查水表//@我是永远的K：好比国内没实力的B申请完专利被有背景的A上了(侵权)，A照样没事！国内土壤不行。
@付小平Simon: 美国重规则轻关系，中国轻规则重关系！[哈哈]//@花木兰从军-2012:配图超搞笑[嘻嘻]
@还我青山绿水:这一点新中国远不如万恶的旧中国！//@未来少年李世杰: 我就是一个特别的案例，吴鹰马云的承诺非常随意，个人根本无法和机构对抗，很少孙正义这样的投资者

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@36氪:创业者早期天使融资或更加透明，真格基金发布仅一页纸的Term Sheet | 真格刚发布了最新的TS，内容简化为1页纸，去掉了董事会席位和董事的否决权、参与清算、 赎回权、强制随售权、反稀释保护等条款，对创业者而言比之前要透明不少，相信这也是早期投资的新的趋势 |创业者早期天使融资或更加透明，真格基金发布仅一页纸的Term Sheet by @鏡宇cupl
@席新亮_javascript_html5 //@真格基金ZhenFund: [good] @天使投资唐 觉得如何？简单、信任才是王道

@唐：《天使投资》里写投资条款清单目的在于，对投资者…承担风险…实现资金回报最大化…。对创业者…尽可能实现价值最大化和对公司的控制权…。2010年众多硅谷天使秘密会议统一对投资人有利的TermSheet模板,被曝光弄得满城风雨。


《天使投资》书：第9章     投融资2：准备投资意向书或投资条款清单（Term Sheet）的目的
一旦天使投资人或风险投资公司和创业者谈得投机，投资人确认项目具有发展潜力，有意对公司注资，此时应开始准备投资意向书，或投资条款清单（Term Sheet）。
本章节首先讨论条款清单和其不同条款，下一章节将讨论投资人为初创企业和新兴公司估值时采取的不同方法。

对于创业者，投资意向书或条款清单的目的在于：
•        为初创或企业的成功融到足够资金；
•        建立成功的企业；
•        最大限度维持公司的估值；
•        尽可能实现价值最大化和对公司的控制权；
•        获得企业成长的专业意见和人脉；
•        与投资人共同承担风险；
•        成功后获得资金回报。

除了保密条款和独家条款之外，条款清单一般是没有法律约束力的。有职业道德的投资人不会收回已经签署的条款清单，除非签订后他们在进行详细的尽职调查时发现了非常严重的问题，比如创业者违法、财务造假、欺骗等。
一般情况下，创业者可以要求投资人提供条款清单，然后根据此清单初稿进行谈判。但是有经验的创业者或顾问也可以单方面提供条款清单给投资人。正所谓“先发制人”，主动提出对自己有利的条款清单的一方在谈判过程中一般处于优势。

对于投资人，投资意向书或条款清单的目的在于：
•        承担风险和付出努力后，实现资金回报的最大化；
•        确保公司以最佳方案使用资金；
•        企业成功后参与下一轮融资；
•        最终实现退出；
•        建立自身的口碑和声誉。

但是，没有专门的公式可以用于优化风险投资的关键目标。一般情况下，风险投资需要寻找一笔可以平衡以下三个关键因素的交易：

·      相比于其他企业，这个投资对象更具吸引力；

·      为风险投资人提供足以产生合适风险调整回报的权益；

·      为管理层提供足够权益以建立激励机制。

…… …… ……

北上广深沙龙：周4/5/+3/+4  = 5月8/9/14/15日：4个话题 每话题探讨半小时。北京会员建议:在线教育 微博上市 腾讯入股京东,大众点评网 微信创业；沪:互联网金融个人理财 移动互联网创新思维 传统行业如何利用移动互联 融资条款 互联网健康。广:转基因食品 现代农业 众筹 电商 培训 对外汉语
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真格基金发布仅一页纸的Term Sheet，创业者早期天使融资或更加透明
http://www.36kr.com/p/211621.html
对于早期创业者来说，如何快速获取第一笔投资尤其重要。比较好的是，就当下的创业环境而言，创业者的选择还是比较多的。然而我们不愿看到的是，大部分创业者和投资人在签订投资协议的时候，出现各种各样的问题，会就很多条款僵持不下，大大拉低了投资效率。尽可能的简化投资条款，在很多时候反而对创业者和投资人都相对有利。

作为早期的天使投资机构，真格基金刚刚发布了最新的 Term Sheet，和之前的动辄数页的 Term Sheet 相比，新的条款简化到只有一页纸，去掉了董事会席位和董事的否决权、参与清算、优先股息、 赎回权、强制随售权、反稀释保护，以及其他详细的保护性规定以及全套交割条件。相对来说，新条款对创业者要有利不少。

就着真格最新的 Term Sheet，我们也就 Term Sheet 中常见的条款，尤其当中的反稀释保护，优先清算权等对创业者影响比较大的条款做一些简单的解释，对于很多早期的创业者，或者是即将创业的朋友们，也有个简单的了解。

反稀释保护

一般来说投资人为了保障自己的利益，在和创业者签订协议的时候都会涉及到“反稀释保护”条款。投资者是为了防止公司创始人自己或其他关联方通过低价注资的方式稀释股份，导致权益贬值或淘汰出局，因为只要进行下轮融资，投资者的股份一定会被稀释。正常的融资估值会一轮比一轮高，出现估值降低时大多由于经营出现问题，这时投资者会视情况放弃该条款，这也是 VC 签订 Term Sheet 的标准条款之一。

具体而言，投资人对某公司进行投资时，通常是购买公司某类优先股（A、B、C……系列），这些优先股在一定条件下可以按照约定的转换价格转换成普通股，为了防止其手中的股份被低价注资而导致稀释，投资人一般会在投资协议中加入“反稀释保护”条款。

“反稀释保护”通常分为两类，结构性反稀释条款和降价融资的反稀释保护。结构性反稀释条款主要是在股权结构上防止股份价值被稀释，而降价融资的反稀释保护，主要是在后续融资过程中防止股份价值被稀释。

1）结构性反稀释条款包括两个条款，转换股权和优先购买权。

转换权是指在公司股份发生送股、股份分拆、合并等股份重组情况时，转换价格作相应调整；例如刚开始公司按照 100 美元 / 股的价格发行给投资人，那么初始的转换价格就是 100 美元 / 股，后来公司决定按照每 1 股拆分为 4 股的方式进行股份拆分，则新的转换价格就是 25 美元 / 股，对应每 1 股优先股可以转为 4 股普通股。

就拿小米来举例吧（不是特别恰当，这个地方应该是指的员工期权，仅限于帮助大家理解转换权），前不久小米进行了拆股，每1股拆分为4股，那么对持有小米股份的早期投资人来说，本来有10000股，然后每股价值x元，现在拆分后，每股就只有0.25x元了，那之前的10000股的价值，仅相当于2500股了，一秒钟高富帅变屌丝了。但由于存在反稀释条款，这10000股优先股可以兑换成40000股普通股，所以投资人并没有损失，但对于后加入的投资人来说，就还是按照每股0.25x的价格和小米谈判了。

优先购买权，则是指公司在后续融资的时候，前一轮的投资人有权利选择继续投资获得至少与其当前股权比例相应数量的新股，以使以自己在公司中的股权比例不会因为新的融资进入而降低；优先购买权也可能包括当前股东的股份转让，投资人拥有按比例优先受让的权利。简单的说就是，投资人有权在公司发行权益证券的时候，按其股份比例（完全稀释）购买相应数量的股份。

优先购买的情况较复杂，有时是为了避免不合适的股东进入董事会，有时是作为创始人部分套现的交换条件，有时是为了增加upside，最后种情况实际是个warrant，用郎咸平的台湾腔说叫涡轮，对创始人很不公平，实际操作中已经很少了。

2）降价融资的防稀释保护权

公司在其成长过程中，往往需要多次融资，但谁也无法保证每次融资时发行股份的价格都是上涨的，风险投资人往往会担心由于下一轮降价融资（Down Round），股份的发行价格比自己当前的转换价格低，而导致自己手中的股份贬值，因此要求获得保护条款。

具体来说降价融资的防稀释保护权就是，如果公司发行新的权益证券的价格低于当时适用的优先股转化价格，则优先股的转换价格将按照广义加权平均的方式进行调整以减少投资人的稀释。当中又分为完全棘轮条款和加权平均条款两种情况。

完全棘轮条款，如果公司后续发行的股份价格低于投资人当时适用的转换价格，那么投资人的实际转化价格也要降低到新的发行价格。这种方式仅仅考虑低价发行股份时的价格，而不考虑发行股份的规模。

还是拿小米举例子吧（反正都YY这么多次了，也不差这一次），小米的天使投资人投资了100万美元，持股5%，获得了10000股，那么小米总公共发行了20万股，估值大约2000万美元，那么初始的优先股就是按照100美元/股发行的；结果由于小米老是卖期货，市场的反馈并不好，在A轮融资的时候，整体估值下降了，那么A轮的优先股发行价变成了50美元/股，那么天使轮的100美元/股的转换价格，也得被迫变成50美元/股，这个时候天使投资人就**了。但通过完全棘轮条款，天使投资人的优先股发行价虽然变成了50美元/股，但他10000股优先股可以转换为20000万股普通股，权益得以保障。

完全棘轮条款只是其中一种情况，还有一种常见的情况就是加权平均条款，在加权平均条款下，如果后续发行的股份价格低于天使投资时的转换价格，那么新的转换价格就会降低为天使投资时转换价格和后续融资发行价格的加权平均值。简单来说就是，给优先股重新确定转换价格时不仅要考虑低价发行的股份价格，还要考虑其权重（发行的股份数量）。

上图就是计算加权平均条款的常用公式

• NCP = 天使投资时优先股的调整后新转换价格
• CP = 天使投资时优先股在后续融资前的实际转换价格
• OS = 后续融资前完全稀释（full dilution）时的股份数量或已发行优先股转换后的股份数量
• NS = 后续融资实际发行的股份数
• SNS = 后续融资额应该能购买的股份（假定按当时实际转化价格发行）
• IC = 后续融资现金额（不包括从后续认股权和期权执行中收到的资金）
  

去掉“反稀释保护”条款，对于创业者来说无疑是个好消息，特别是在在公司经营遭遇波折，需要一些短期牺牲降低估值融资的时候，创始人拥有更多灵活性。

优先清算权

根据真格的 Term Sheet，“优先清算权”的规定是：一旦发生公司清算或出售后，应首先从所得款项中拨付购买价的1倍给予优先股持有人，再将剩余的全部所得款项分配给普通股持有人，然后不参与清算。

这还得先从“优先清算权”说起，简单地说，“优先清算权”就是等到公司需要清算的时候（可能是破产清算，也可能是企业被合并、被收购、或公司控制权变更），怎么分配公司的利益，才能够优先保障投资人的利益，即资金如何优先分配给持有公司某特定系列股份的股东，然后再分配给其他股东。

那么投资人在清算的时候就会出现参与清算、不参与清算、两种情况。先说不参与清算的情况，当公司出现清算情况的时候，投资人要么拿回他们的投资本金，要么拿走他们所占股份的价值（如当时花 100 万获得 10% 的股份，现在已经值 1 亿），也就是说当每股价格在清算时比投资者投资时的价格高，优先清算权是不起作用的，因为投资者一定不会选择拿回本金。

而参与清算则比较麻烦一些，在公司清算的时候，投资人已经拿回属于他的回报之后（要么是投资本金，要么是所占股份的价值），剩余资产由普通股股东与系优先股股东按相当于转换后股份比例进行分配。也就是说投资人获得一定的回报后，还会按照相关的条款，获取更多的回报。

所以真格所规定的 1 倍优先清算权，并且不不参与清算，对于创业者来说算是相当合理的设计。既有益于保证创始人的权益，也能够保证其他成员的利益，简单的说就是，不至于做一个贪婪的魔鬼。

董事会席位和董事的否决权

一般而言，大多数投资人在投资之后，都会谋求一个在公司董事会的席位，以便参与公司的重大事件表决，甚至是公司的日常运营管理等。而取消董事会席位，则意味着投资人将不参与公司的重大决策，完全将公司交由创始人进行管理。这样既是对创始人的信任，同时对于早期创业公司来说，也能够避免因为和投资人意见分歧，而导致公司运营出现问题的情况。

公平地说，放弃董事席位对投资机构影响很大，这基本意味着放弃了其他所有保护性条款，我对是否大量机构都能放弃保持怀疑态度，因为大多数情况下，投资人获得公司董事会席位是Term Sheet的标准条款，大部分的投资人也都会这么做。

不过也有极少的例外的情况，例如之前王自如创办的Zealer在拿到顺为天使投资的时候，雷军就自动放弃了 Zealer 董事会的席位，完全信任王自如对 Zealer 的管理，即便是作为利益相关方，也不会参与 Zealer 的决策。

创业者早期天使融资或更加透明

另外新的 Term Sheet 还去掉了对赌、拖带售卖权（Drag Along）、优先股息、 赎回权（所谓赎回，一般是投资人要求公司回购）、强制随售权等其他规定，对于早期创业者来说都是不错的条款。其实除了真格外，据我们36氪了解，之前 IDG 也采用了类似比较简化的 Term Sheet，只是从未对外公布过，而且由于效率的提高，相信不少 VC 会采用类似的简化条款。

由于天使和 VC 在投资阶段、金额、情况、等方面还是有很大的区别的，对于大部分的早期的天使投资机构来说，Term Sheet 中过多的下行保护条款是没有意义的。而投资之后有较大发展的公司，早期投资人自然会获得不菲的回报，简化 Term Sheet 反而有助于提升投资效率。

对于创业者来说，简化 Term Sheet 也比较有益于保护创业者，尤其是投资人不要求董事会席位和董事的否决权、不要求反稀释保护，也不参与清算等条款，比较有助于保护公司和创始团队。可以把更多的精力放到公司和产品上，不至于在找投资上浪费太多的时间。就像王强在我们WISE Talk上的发言一样，创业者应该花更多的时间去 Think Deep。

再加上目前 VC 火热，创业者的选择其实也越来越多，简化投资流程对双方而言，都是提升效率的做法。根据我们氪空间近期好几个项目获得融资的情况来看，好的项目好的产品，投资人是非常愿意投资的，更加轻松的条款，对双方也都比较有效率。

有关 Term Sheet 更详细的解释，推荐阅读：
1）桂曙光的《风险投资协议（Term Sheet）详解》
2）邵亦波的《再谈优先清算权》

附真格最新的 Term Sheet




最后再附上一个业内比较典型的Term Sheet条款，创业者也可以简单对比下
http://bbs.webplus.com/forum.php?mod=attachment&aid=MjM3MnxiOTQyN2U3Mjg4YTQ1ZDMyM2EyODQ1MTlmMjhhMWMxY3wxMzk5OTY2MDQ3&request=yes&_f=.pdf

2010年众多硅谷天使秘密会议统一对投资人有利的TermSheet模板,被曝光弄得满城风雨。


So A Blogger Walks Into A Bar…
http://techcrunch.com/2010/09/21/so-a-blogger-walks-into-a-bar/

Yesterday I was tipped off about a “secret meeting” between a group of “Super Angels” being held at Bin 38, a restaurant and bar in San Francisco. “Do not come, you will not be welcome,” I was told.

So I did what any self respecting blogger would do – I drove over to Bin 38, parked my car and walked in.

in the back of the restaurant in a private room was a long oval table. Sitting around the table, Godfather style, were ten or so of the highest profile angel investors in Silicon Valley. These investors, known as “super angels” because they have mostly moved on to launch small venture funds of their own, are all friends of mine. I knew each person in the room very, very well.

I certainly didn’t think anything was amiss and I expected a friendly hello and an invitation to sit down for a drink or two before being shooed off while they talked about whatever they thought should be kept off record. But instead it went something like this:

Me: Hey!
Person who was talking: oh, oh no.
Me: Hi. I heard you guys were here and I wanted to stop by and say hi.
Them: dead silence.
Me: so….
Them: Deafening silence.
Me: This is usually where you guys say “sit down, have a drink.”
Them: not one sound
Me: This is awkward. I guess I’ll be leaving now.

I’ve never seen a more guilty looking group of people. But that alone isn’t that big of a deal. Lively conversations often die quickly when I arrive, and I’ve learned not to take it personally. But I did sniff around a little afterwards, and have spoken to three people who were at that meeting. And that’s where things got interesting.

This group of investors, which together account for nearly 100% of early stage startup deals in Silicon Valley, have been meeting regularly to compare notes. Early on it was mostly to complain about a variety of things. But the conversation has evolved to the point where these super angels are actually colluding (and I don’t use that word lightly) to solve a number of problems, say multiple sources who are part of the group and were at the dinner. According to these souces, the ongoing agenda includes:

• Complaints about Y Combinator’s growing power, and how to counteract competitiveness in Y Combinator deals
• Complaints about rising deal valuations and they can act as a group to reduce those valuations
• How the group can act together to keep traditional venture capitalists out of deals entirely
• How the group can act together to keep out new angel investors invading the market and driving up valuations.
• More mundane things, like agreeing as a group not to accept convertible notes in deals (an entrepreneur-friendly type of deal).
• One source has also said that there is a wiki of some sort that the group has that explicitly talks about how the group should act as one to keep deal valuations down.
  

At least two people attending were extremely uneasy about the meetings, and have said that they are only there to gather information, not participate.

So what’s wrong with this?

Collusion and price fixing, that’s what. It is absolutely unlawful for competitors to act together to keep other competitors out of the market, or to discuss ways to keep prices under control. And that appears to be exactly what this group is doing.

This isn’t minor league stuff. We’re talking about federal crimes and civil prosecutions if in fact that’s what they’re doing. I had a quick call with an attorney this morning, and he confirmed that these types of meetings are exactly what these laws were designed to prevent.

I’m not going to say who was at the meeting since at least a couple of the attendees are saying they were extremely uncomfortable with the direction the conversation was going. But like I said, it included just about every major angel investor in Silicon Valley.

On a side note, this is a difficult post to write, because I call nearly every person in that room a friend. But these actions are so completely inappropriate it has to be called out.



Dave McClure Says Ron Conway Is Throwing Super Angels Under The Bus
SEP. 23, 2010
http://www.businessinsider.com/d ... nder-the-bus-2010-9

Angelgate just got interesting again.
In a tweet a few minutes ago, Dave McClure, one of just two super angels who admits to attending the controversial meeting at which Mike Arrington alleges investors discussed fixing valuation prices, suggested that uber-angel Ron Conway is turning on the group of alleged conspirators:

Ron is throwing us under a bus. and it's chickenshit that he writes that after David Lee comes to both meetings.

David Lee is one of Ron Conway's partners at SV Angel. It has been established that Conway was not at the meeting in question, but apparently SV Angel was represented.

This has obviously been a bad few PR days for super angels, but it's difficult to see how Ron will be able to distance himself from this if David Lee was really a part of the meetings.

McClure quickly deleted the tweet, which appears to have been a failed direct message. He quickly followed up with:

sigh. bad day. sorry folks

Since this post was first published, he has followed up with:

well so much for the slow news day.

and:

@alleyinsider thanks guys. kisses

We are not aware of any public statement issued by Ron Conway on the matter as of yet, so we suspect McClure is referencing something Ron has written to other angels privately. If any readers have information on what or where Ron has written about this, please let us know.

Here's a screenshot of the tweet from before it was deleted:






Fire in The Valley, Fire in My Belly... and Yes, Mike, I Have Stopped Beating My Wife.
http://500hats.typepad.com/500bl ... -in-the-valley.html
Wednesday, September 22, 2010

So i've been debating whether to write this post all day.

Unfortunately i probably have more balls than sense, but it drives me fucking insane to see some bullshit superangel conspiracy theory get whipped into a frenzy by people who weren't there, have no idea what the hell was discussed, and are ready to believe anything when someone yells FIRE!

so here goes nothing... first a few clarifications:

- mike arrington is a friend, an imposing figure, and a hard-nosed, hard-working journalist. that said, he's dead fucking wrong about there being some story around " collusion" (def'n). makes for great red meat on TechMeme & Twitter, but it's just so much horseshit.

- yesterday i was invited to a dinner with some well-known startup investors to discuss the latest & greatest in tech & startups. the agenda was drinks, good food, & shooting the breeze... it wasn't to collude, to price fix, to put out a hit on Paul Graham, or generally bust a cap in any founder's ass (ok maybe Zuck & Jobs have it coming, but people might notice if we shoved them furtively into Davy Jones' Locker). Yes: it was a private affair, and No: mike wasn't invited. neither was Barack Obama, your mom, nor any of 500 other friggin' awesome people in silicon valley or around the world.  meh... whatever -- i don't get to go to every cool kid party in the valley either.  sorry, mike... but if you want, i'll knock one back with you before we go onstage Monday morning at Disrupt.

- startups & investors bitch & moan about price (aka valuation) all day long, but i don't really give a damn what other people think most of the time. buy or don't buy. negotiate or don't. This is America, This is Capitalism, and it's a Free Fucking Country. me? i like convertible notes just fine, albeit usually with some kind of cap. sometimes a deal is "too expensive", sometimes entrepreneurs really are "awesome". usually, we're all W-W-W-WRONG about 10 different reasons why shit is gonna fail anyway.  you still in?  yeah, me too... so ante up, mofo. you're here in Silicon Valley because you're trying to change the world, or at least build a better mouse trap. either way, odds are against us. deal with it.

- from an entrepreneur's perspective, Paul Graham & YCombinator are killing it right now... and bully for them.  sometimes you got leverage, sometime you don't. regardless, PG should be commended for innovating on the venture model, and for encouraging startups to push the envelope -- on both product, and price.  still, people should realize the wheel comes around for everyone, and it's a small valley.  people on both sides shouldn't get too comfortable, and shouldn't try to fuck with each other too much.  Personally i prefer to leave a little more on the table for the other person, and focus more on building a long-term relationship and less on the tactical zero-sum crap.

regardless: haters gonna hate, players gonna play.  just focus on the important stuff (build product, solve problems, get customers, make money... and don't be evil... much ;)

- my fund 500 Startups is investing in 7 or 8 YC startups out of the recent batch, and they are some very smart young entrepreneurs with some great business opportunities.  most of them will fail, but that won't stop them from starting, or me from investing.  and sure, the pre-money is definitely on the high side compared to rest of market / previous years.  so be it.  Mercedes Benz ain't cheap either.... but that shit is SHINY.  if you don't like it, don't buy it.

- innovation & investing is not about price.  it's about finding great entrepreneurs to build solid companies, and solve customer problems.  price matters, but innovation & execution matter a helluva lot more. find good people, bet on them, help them succeed. try to improve the ecosystem, and try not to be a dick (that last one is actually hard... it's sort of easy to be an asshole as an investor).

- at the dinner, there was a fair amount of kvetching about convertible notes, capped or not, hi/lo valuation, optimal structure of term sheets, where the industry was headed, who was innovating and who wasn't, and 10 million other things of which 3 were kind of interesting and 9,999,997 weren't unless you like arguing about 409a stock option pricing.  

however, in addition to pricing & valuation, some of the more interesting things discussed were:
1) how can we increase access to startup capital (new geographies, new investors, Second Market, etc)
2) how can we increase M&A for startups & increase awareness of startups for non-tech acquirers
3) how can we increase startup innovation (more smart entrepreneurs, cool new platforms, better techniques for mentoring / entrepreneurship)

of course, none of that shit is nearly as sexy or exciting as how we're going to screw over some n00b startup founder at YC, beat the crap out of some clueless old dinosaur VCs whose IRR sucks ass, or hide our secret tinfoil cabal / conspiracy at Bin 38 from the Valiant Fourth Estate.  

in short: if it Bleeds, it Leads... and Fuck. That. Noise. about Fair & Balanced, right?

on the other hand -- some folks really are trying to innovate in venture capital, support & invest in thousands of entrepreneurs, that employ millions of people, who create billions of dollars in value, for customers and shareholders around the world. we ain't trying to kill the Man in the Arena, mike... we're rooting for him (or her).

naah, screw that shit & lets get back to Collusion cuz that sells newspapers.

and like Gordon said: Greed is Good... even if we're counting page views instead of dollars.

as for lil ol' me?

i'm here to Disrupt, motherfucker.  so go right ahead & Hate On Me.



Finger-Pointing, Emails, Deleted Tweets, Rage. AngelGate Is Far From Over
http://techcrunch.com/2010/09/23/angelgate/

On the surface, it seemed like the situation that has come to be known as AngelGate was dying down. Since we broke the news about the secret meetings between angel investors where they supposedly agree to agree on things, a lot has been said on both sides. Mike said what he knew, and one of the angel investors present at the meeting he crashed, Dave McClure, came out in opposition to the allegations. But things have gotten more interesting this evening.
McClure sent out a tweet earlier that was clearly meant to be a direct message. It read, “Ron is throwing us under a bus. and it’s chickenshit that he writes that after David Lee comes to both meetings.” He quickly deleted the tweet, but not before plenty of people saw it, responded to it, retweeted it, and it was syndicated elsewhere.
It doesn’t take someone deeply engulfed in the situation to figure out what McClure is talking about. Clearly, Ron Conway, founder of SV Angel and the most prominent angel investor in Silicon Valley, sent an email to other angels involved in the situation. Clearly, that email was in opposition to McClure’s stance that those at the meeting were doing nothing wrong. David Lee, who McClure mentions, is a partner at SV Angel and was at the meeting.
McClure’s tweet also confirms that there were two meetings of these angels. Mike showed up to the second one.
McClure has since tried to play off his failed DM. “sigh. bad day. sorry folks,” he tweeted immediately after he deleted the tweet. “well so much for the slow news day,” he then tweeted right after that. Indeed. Expect more fall-out from this in the coming days.