Brad,
Thanks for picking this up. Just for the record, I had sited you blog as one of the more informative that I read on the topic of venture capital and I referred back to it regularly as I was negotiating terms. I was trying to figure out whether I was being rational in hating participating liquidation preferences or whether I had just had a bad experience with them in my previous company. Liquidation preferences that were different across different rounds of capital created all sorts of perverse incentives. Your blog site really helped me to thing through this rationally so thank you.