Basil Peters angel investor and Principal Strategic Exits Corporation
“Most entrepreneurs don’t even know that a VC is likely to block an exit when they accept the VC’s money.  VCs design their investment agreements to give them the power to block exits.”
“ VCs will almost always block a sale where they only make a 3-4X return on their investment. This could have easily been a 10X return for the angels and a 100X return for the entrepreneurs.
 The winners [must] produce at least 10-30X return for the [VC] fund to perform respectably.
 This propensity to block exits is one of the reasons that every company needs a clear exit strategy before [it approaches its] first investor.” Basil Peters, How VCs Block Exits, August 28, 2010, http://www.exits.com/blog/how-vcs-block-exits/; Why VCs Will Block Good Exits; http://www.angelblog.net/Why_VCs_Block_Good_Exits.html