This blog post describes a rollercoaster ride of a Seattle company on the edge of raising funds and then it not closing. This happened to VRstorm this year. We got a letter of offer, had due dilligence done, had a draft contract for $2M debt in early Jan 2011 but could not get it closed and gave up in March 2011. If anyone knew it would be such a crazy scary stressful fun ride, they probably wouldn't get into it.
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