TY - JOUR T1 - Pitfalls in Early Stage Company “Cram Down” Recapitalization Transactions JF - The Journal of Private Equity SP - 29 LP - 34 DO - 10.3905/jpe.2002.320011 VL - 5 IS - 3 AU - David A. Jaffe Y1 - 2002/05/31 UR - https://pm-research.com/content/5/3/29.abstract N2 - The venture capital shakeout of the last two years has created a great deal of pain and suffering which is shared by all the players in the market, including investors, management teams, boards, and VCs. Yet capital is still flowing for good deals, although in many cases the valuations are being recalculated substantially downward. These revised values cause a host of problems as they set previously aligned parties against each other. This article discusses ways to deal with the inevitable conflicts that arise in these down rounds. ER -