Good analysis. I have to agree with Gyardley. If he will not acquiesce to a sale and does not want to participate in future rounds then most likely he wants to

Good analysis. I have to agree with Gyardley. If he will not acquiesce to a sale and does not want to participate in future rounds then most likely he wants to do a down round. That seems to be the only option that explains his behavior unless I am missing something. So what are the chances that you can line up another buyer? Even at a valuation less than before would be worth considering because it looks like he is out screw you over. You might at least get something out of it even if it was not what you imagined. If you line this offer up you and the team can give the investor an ultimatum. I think that sometimes directly calling out people's bad behavior can help. If you can't line up an offer and then working out the math it might be best to quit. Also I might recommend 'Getting to Yes' as a great book for negotiating. Might be too late this time, but there is always a next time!