In This Issue:

- From the WSGR Database: Financing Trends for Q1 2015

- Price and Preference: Part 2

- Haves and Have Nots in Venture Financings

- Excerpt from Price and Preference: Part 2:

This is the second part of a two-part article1 on the importance of whether or not the preferred stock issued to investors in a venture financing participates upon liquidation. The first part discussed the marked shift from participating to non-participating preferred stock in recent years, which we theorized may be a consequence of an increasingly founder-friendly climate, plus possibly increased feeling among Series A investors that choosing non-participating preferred is in their own economic best interest. In this second part, we will explore why that feeling is correct.