Customer Pay to Play Syndication 
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.
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.
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