> the pattern has always been one of merciless slaughter of the founder interest, as evidenced by any down round within memory. It would be interesting to see

> the pattern has always been one of merciless slaughter of the founder interest, as evidenced by any down round within memory. It would be interesting to see the stats for investor payoff when that dilution is included. The few cases I know: Anytime the founders were singled out for big dilution the result was sizeable loss for investors (and everyone else, because the companies eventually got sold for parts.)