Bells & whistles

". . . never send to know for whom the bell tolls; it tolls for thee." - John Donne, Meditation XVII

It was as predictable as the sun rising in the east that the excesses of 2000 would lead to lowered valuations for private equity deals once the stock market bubble burst. Down rounds come with a price. This can range from the ultimate penalty - the total inability to get new money - to painful dilution that is likely to hit management particularly hard...