take the money or run

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1、www.hbr.orgHBRCASESTUDYANDCOMMENTARYShouldPetrolinkTaketheMoney—ormakethedealwithBRX?Run?Fourcommentatorsofferexpertadvice.byJohnW.Mullins•ReprintR0411AAtlonglast,Petrolink’sfoundershavethestart-upcapitaltheyneed.TheVC’scheckisinhand—butsoisnewsthattheinvestormayhavebreachedthefounders’tr

2、ust.Nowwhat?HBRCASESTUDYTaketheMoney—orRun?byJohnW.MullinsVED.Itwasnearly9PM.RobertJameson,KarlFen-highlightedpassages,”saidWalter.“They’rethestermann,andNigelRitsonofPetrolinkTrans-onlyonesthatweneedtoreachagreementon.portTechnologieshadbeenhuddledsinceEverythingelseisOK.Weshouldhavethis

3、earlymorningwiththeirlawyersandwithBRXwrappedupverysoon.”Capital’sLechWojtalikandWalterCronbachWithasigh,RobertpickedupthenewestALLRIGHTSRESERandtheirtwolawyers.Theywereinthefinal,draft.DespiteWalter’srecommendation,heTION.Aexhaustingstagesofnegotiatinga€4millionreadcarefullythroughthewhol

4、edocument,ORinvestmentthatwouldgivePetrolinkthecashwantingtobesurehehadnotoverlookedany-ORPitneededtobuildanaturalgaspipelineinthethingthatheorKarlwouldlaterregret.Thefi-BalticSea.Thechecklayonthetable.nancingwashisresponsibility,andheknewAfterworkingalldayandtakingonlyashortthatthePetroli

5、nkteamwasrelyingonhisex-OLPUBLISHINGCbreakforsupper,theywerebackatthetable.pertisetoensurethatthispartofthedealTherewereonlysixitemsintheshareholders’wouldbewellmanaged.agreementtoworkout;everythingelsewasal-Ashereadtheantidilutionclause,some-readysettled.RobertandKarlknewtheycouldthingca

6、ughthiseye.Herereadit,thenreaditBUSINESSSCHODgiveinonthesepointsiftheyhadto,thoughoncemore.Aquickcheckagainstanearlier,RAVtheywerepreparedtonegotiatetogetthebestpredinnerversionoftheshareholders’agree-dealtheycould.mentconfirmedhissuspicions.TheclausehadTheBRXlawyersprovidedafreshdraftofbe

7、enchangedtolanguagefarmoreoneroustothedocumentsthatincludedtheagreed-uponmanagement.“Whatisthis?”askedRobert.changesfromearlierintheday.“Justlookatthe“ThisantidilutionclauseisnotthesameastheOPYRIGHT©2004HARCHBR’scases,whicharefictional,presentcommonmanagerialdilemmas