Benchmark Capital Sues Travis Kalanick for Fraud
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Re: Benchmark Capital Sues Travis Kalanick for Fraud
#2wonder what this means for the CEO search, softbank funding etc. My assumption is that both parties will settle quickly but I could be wrong. Also not noted in the article is that while travis owns 10% of the equity stake, he has super-voting shares, such that him, Ryan Graves, and Garret Camp as a trifecta hold controlling interest IIRC.
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#3Techmeme summary: Benchmark Capital sues Travis Kalanick for fraud, wants invalidation of the June 2016 stockholder vote to expand board, which would also remove him from board
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#4Direct link to complaint: https://www.documentcloud.org/documents/3922911-67730336-DE-...
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#5[deleted]
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#6wonder what this means for the CEO search, softbank funding etc. My assumption is that both parties will settle quickly but I could be wrong. Also not noted in the article is that while travis owns 10% of the equity stake, he has super-voting shares, such that him, Ryan Graves, and Garret Camp as a trifecta hold controlling interest IIRC.
> My assumption is that both parties will settle quickly but I could be wrong.
What makes you think that?
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#7In my best Nelson Muntz voice: "Ha-ha".
The VCs have done this to themselves. They put up all the money, they should have never allowed themselves to be put into this situation.
Decades ago, when I was at startups, this was 100% clear, cut and dried. The Golden Rule. People who have the gold make the rules.
I'm sure this won't be a popular opinion, since more HN readers are founders and employees than are VCs. But don't simply downvote. Explain. Articulate why, after taking billions of dollars in VC money, you feel like you're still owed control.
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#8If actual fraud is not found what sort of message does this send to entrepreneurs that Benchmark is founder friendly?
Looks like a grudge match to me. Apparently unhappy with merely removing Travis from the CEO's chair they want to make certain he's never allowed to ever enter the building.
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#9[deleted]
Re: Benchmark Capital Sues Travis Kalanick for Fraud
#10wonder what this means for the CEO search, softbank funding etc. My assumption is that both parties will settle quickly but I could be wrong. Also not noted in the article is that while travis owns 10% of the equity stake, he has super-voting shares, such that him, Ryan Graves, and Garret Camp as a trifecta hold controlling interest IIRC.
> My assumption is that both parties will settle quickly but I could be wrong. What makes you think that?
There is so much for both to lose if they delay - a settlement works better for the company and them