> The trick was the pre-money valuation was decided by the “internal round” participants. They basically decided the company was near worthless valuation pre-mo

> The trick was the pre-money valuation was decided by the “internal round” participants. They basically decided the company was near worthless valuation pre-money. This then meant you owned 15% of nearly nothing. And if that pre-money valuation is very wrong you can sue them for fraud. Judges won't take kindly to that sort of maneuver.