You're right that we don't know, but as I mentioned above it was McClure's post that tipped me because it confirmed most of what happen (McClure even said 'it's

You're right that we don't know, but as I mentioned above it was McClure's post that tipped me because it confirmed most of what happen (McClure even said 'it's not that your post is wrong'). I can imagine a scenario where the VCs discussed agreeing not to out-bid each other in deals and to work together without actively knowing that what they were doing could be seen as a problem by others. In the TC article, the issue at the core here only came up because on of the VC's "started feeling uncomftable". So it could turn out that they thought they were innocently discussing some of these points and were so caught up in themselves that nobody took a step back and analyzed the situation (which is why I think it was McClure - a relatively new 'vc' - was the person who tipped Arrington off and was the person who felt uncomfortable).