Customer Pay to Play Syndication 
Babbling VC
AUGUST 27, 2010
Just ask people who know me personally about my joy of calling customer hotlines. The concept of "pay-to-play" hadn't quite sunk in with him. Ultimately, the company was forced into bankruptcy as the investor syndicate couldn't come to terms on time. I unfortunately belong to this camp as well.
Feld Thoughts
JULY 14, 2015
The feedback is “come back when you’ve made more progress with customers.” 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.
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