Transcript
June 27, 2011. This is why summer associates don't talk to to clients.
I founded a startup once -- way back when. It's no longer in business, partly because we had no idea what we were doing. We'd get a term sheet with phrases like "redemption", "vesting", and "double trigger", and the image that popped into my mind was a dual wielding antihero in a sweater vest seeking atonement for his sins. We said yes to everything, because antiheros in sweater vests are awesome.
I would also like to reiterate that every page on this site includes the phrase: "Tort Bunnies should not be taken seriously."
Double Trigger
Client (phone): Hey, my investor's insisting upon
double trigger stock acceleration.
Do you know what that is?
Negligent Lop: It's a way to screw
you over my friend.
Client (phone): What, seriously?
End of panel.
Negligent Lop: Yeah, it's complicated, but imagine
there's a two-triggered gun pointed
at your head. You have one trigger.
Your investor owns the other.
Negligent Lop: Now your investor might say this
is fine, because the gun won't fire
unless both triggers are pulled.
End of panel.
Negligent Lop: But why would you ever want a gun
pointed at your head?! What if your
investor reaches over and pulls your
trigger when you're not looking?
Negligent Lop: Then it's boom! Head shot.
End of panel.
Client (phone): Wow, that's messed up. I'm gonna
tell this guy to f*** off. Thanks dude.
Negligent Lop: Sure thing!
Click!
End of panel.
Negligent Lop dials another number.
beep beep boop beep
End of panel.
Brown Rabbit: Brown Rabbit speaking.
Negligent Lop (phone): Hey Brown, it's me. Do you
know what double trigger
stock acceleration is?
End of comic.
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