Great article! Also related: Brad Feld's book "Venture Deals" goes into detail on a lot of what Dan Shapiro mentions in this article.

Wow that is an awesome article, so one wonders if a fund is nearing its 10 year expiration, can they spend the 'reserve' on a fast exit like this?

Thank you thank you thank you!

I been looking for this article for the last few months now.