I figured as much but put out a lowball figure purposely to ask the question, "Can a founder get out by paying back investors (invested sum), taking the money and running?"
the short answer is no, because funding deals almost invariably include a veto over acquisitions, regardless of who has what percent of the stock. There may also be a liquidation preference that says the investors get n times their money back first in any sale.
The slightly longer answer is that it's not that simple, because if you really want to sell and you're essential to the company, you can in effect threaten to go on strike if they exercise their veto, and then you'll all end up with less. As long as founders are essential to the company, they have a lot of power. So in practice they may be able to talk investors out of exercising their veto (though not their liquidation preference).
http://news.ycombinator.com/item?id=38560
the short answer is no, because funding deals almost invariably include a veto over acquisitions, regardless of who has what percent of the stock. There may also be a liquidation preference that says the investors get n times their money back first in any sale.
The slightly longer answer is that it's not that simple, because if you really want to sell and you're essential to the company, you can in effect threaten to go on strike if they exercise their veto, and then you'll all end up with less. As long as founders are essential to the company, they have a lot of power. So in practice they may be able to talk investors out of exercising their veto (though not their liquidation preference).