Most people are pretty close to the vest with founder dilution numbers. It also tends to be complicated and hard to sum up. Convertible note or priced round?

Most people are pretty close to the vest with founder dilution numbers. It also tends to be complicated and hard to sum up. Convertible note or priced round? If it's a note, is there a cap, a discount, warrants? Participating preferred shares or no? Liquidation prefs? For a $400k seed round, it'll usually be a convertible note-- nowadays usually with a cap (reading: http://startuplawyer.com/convertible-notes/the-convertible-note-discount-price-cap http://startuplawyer.com/convertible-notes/the-convertible-n...). Here's Fred Wilson's take on Founder dilution: http://www.avc.com/a_vc/2009/02/founder-dilution-how-much-is-normal.html http://www.avc.com/a_vc/2009/02/founder-dilution-how-much-is...