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- W2269574054 abstract "The boom of Internet companies over the past decade put venture capital in the spotlight. The simultaneous unprecedented length of economic growth advanced the notion of the economy or third industrial revolution. Behind all the excitement stood the venture capitalists, the risk-takers who have backed the entrepreneurs and companies driving the new economy. Despite the general euphoria over the venture-backed companies, there is a darker side to venture capital financing. This is washout financing. It is common for venture capitalists to invest in companies that run out of money and to do so at prices substantially lower than previous rounds. In the process, the founders are usually fired (if they are still in management), and their equity stake is diluted, or Usually, the washed out founders accept the dilution as a part of the necessary financing. However, in 1997, three Silicon Valley venture capitalists agreed to pay $15 million to settle a lawsuit by two entrepreneurs that they had washed out. This settlement cast a pall of possible legal liability to washout financing. And now, with the current stock market volatility, more venture-backed companies are facing lower valuations and the reality of washout financing. This paper analyzes the legal contours of such washout financings. Unfortunately, there is no clear precedent to guide a venture capitalist investor. However, after examining the fiduciary duty issues that a venture capitalist may face from a suit arising out of a washout financing, it is clear that case law and leading academic theories would support judicial non-interference in washout financings." @default.
- W2269574054 created "2016-06-24" @default.
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- W2269574054 date "2001-08-07" @default.
- W2269574054 modified "2023-09-28" @default.
- W2269574054 title "What's Wrong with a Washout?: Fiduciary Duties of a Venture Capitalist Investor in a Washout Financing" @default.
- W2269574054 hasPublicationYear "2001" @default.
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