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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.Theywereinthe?nal,draft.DespiteWalter’srecommendation,heTION.Aexhaustingstagesofnegotiatinga€4millionreadcarefullythroughthewhol
4、edocument,ORinvestmentthatwouldgivePetrolinkthecashwantingtobesurehehadnotoverlookedany-ORPitneededtobuildanaturalgaspipelineinthethingthatheorKarlwouldlaterregret.The?-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.mentcon?rmedhissuspicions.TheclausehadTheBRXlawyersprovidedafreshdraftofbe
7、enchangedtolanguagefarmoreoneroustothedocumentsthatincludedtheagreed-uponmanagement.“Whatisthis?”askedRobert.changesfromearlierintheday.“Justlookatthe“ThisantidilutionclauseisnotthesameastheOPYRIGHT?2004HARCHBR’scases,whichare?ctional,presentcommonmanagerialdilemmas
