These comments are very confusing. Paul -- a simple question: doesn't the amount of capital offered/invested have a big impact on the calculation? Sure I'd give up 6% of my pre-natal company for $1 million. But would I for $1 thousand? No. Doesn't your analysis suggest that in both cases the calculation is 1/(1-n)? Yet the ability to add 6.4% value at exit given $1 million is vastly different than if given $1 thousand...