Liquidation Preference Reputation Seed Capital 
Feld Thoughts
JULY 14, 2015
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.
Growthink Blog
MAY 23, 2011
The angel then introduces the entrepreneur to his or her wealthy friends and business connections who, based on the good reputation of the referring angel, also invest. And they hire very aggressive securities attorneys to represent their interests. My suggestions for the investors seeking emerging companies to back?
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