The Note Nobody Read
He had eight opportunities to read it afterward.
The note was referenced in three subsequent financing rounds.
It was disclosed in the Series B data room.
Two separate sets of investors’ counsel reviewed it and neither raised it, because it was perfectly ordinary and because it was somebody else’s problem.
It sat there for seven years, doing nothing, accruing, entirely visible, in a company he ran.
That is the whole trick.
There was no trick.