It took a while, but he finally untangled the problem.
The intruding investor (VC #2) makes an offer at a pre-money valuation of $15 million, subject to due diligence, and the expiration of the drop dead date, meaning the date in the initial investor's term sheet when exclusivity expires.
drop dead
I hadn’t used viole on West Side or Gypsy, so I thought let’s use four viole and no violins.
The reperforator punches the routing indicator, along with the message body, into a tape
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