[cperciva]

Right, despite the example being a bit off I can see what you were trying to say.

It seems to me that this situation started when the company had a signed term sheet but still went around to VCs trying to interest them in investing. Is this normal? (I'm a bootstrapper, so I have no experience with these games.)

[msuster]

term sheets have "no shop" clauses which prohibit you from talking with other investors. But they're pretty unenforceable so it happens anyways.

[cperciva]

Ok, thanks. I wondered if the etiquette was different in situations where the first VC was trying to put together a consortium.