blog.simeonov.com
FEBRUARY 22, 2010
I have been thinking a lot recently about how to apply agile development principles to investing and key aspects of startup development such as team building. The only way to remove their equity holding in the cap table is by buying them out or through a recapitalization of the company.
Feld Thoughts
JULY 14, 2015
So they recapitalize the company. It usually happens in a later round, when the company is in fact worth much less than the liquidation preference overhang and insiders use a pay-to-play and a low valuation to reset the preferences and the cap table. And developing a reputation for recapping seed rounds is, in my book, silly.
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