why VC is for suckers   (link)

http://www.waxy.org/random/arsdigita/
If you've been hanging out around courthouses in Delaware lately, you may have heard about some legal acrimony involving ArsDigita's venture capitalists versus the ArsDigita co-founders. This letter explains how it came about (from the perspective of one of the defendants).

Note that 99 percent of the information in this document is irrelevant to the lawsuit. The lawsuit has to do with the rights of the shareholders to control management based on some technical points of law and contract. In other words, the questions of who is best qualified to run the company and whether business decisions have been correct are largely irrelevant.