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Angels, Dragons and Vultures: How to Tame Your Investors And Not Lose Your Company by Simon Acland

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BEING A PUBLIC COMPANY

When you became a publicly quoted company you exchanged one form of servitude for another. You may have breathed a sigh of relief when the venture capital Investor Rights or Shareholders’ Agreement and all the other tiresome legal documents were consigned to the shredder. Never again would you have to seek your investors’ consent to make a $50,000 capital commitment that was not in the annual budget. You might even have danced a discreet little jig when the hated preference stack was consigned to history, and your investors’ Series A, Series B, and Series C Preference Shares (the latter those nasty ones with the 2× liquidation preference) were all converted to beautiful plain vanilla ordinary shares of common stock.

However, ...

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