Thousands and hundreds of bucks are at stake in an actual strive against between Ron Conway and his prone SV Angel associate David Lee, according to a scamper smartly with filed final week in Marin County Favorable Court docket and first reported by Axios.
Lee filed the complaint claiming Conway has now not paid him in previously promised costs and agreed-upon shares in investments in companies reminiscent of Airbnb, Pinterest and Snapchat.
Lee used to be the prone managing associate of SV Angel, which he founded with Conway, but left two years ago in what used to be portrayed relieve then as “a private resolution” to use beyond regular time with his household in Los Angeles, according to a fraction detailing the departure in Fortune.
Alternatively, it appears to be the split used to be now not so amicable. If fact be told, Conway used to be allegedly significant of Lee when talking to LPs about Lee’s lack of involvement and switch to L.A.
Conway also believed his prone associate to be paying himself a long way and above the fund’s $250,000 annual salary cap by skimming off of SV Angel funds thru a technique identified as a payment waiver, a pretty overall map for fund managers to duvet the charges they are expected to speculate upfront. The conception that used to be apparently foreign to Conway, nonetheless.
Now Lee, who runs a VC firm known as Refactor Capital, claims Conway owes him $three.5 million for breach of contract and unpaid costs the two had previously agreed to earlier than Lee’s departure. Further, Lee wants declaratory reduction to make obvious he’s paid for future exits in investments he made with the firm, which would maybe entire $15 million to $20 million.
Alternatively, Conway tells TechCrunch Lee filed the scamper smartly with earlier than the two can also work things out.
“Fair honest as of late a dispute has arisen relating to compliance with some settlement settlement terms,” Conway said in an announcement. “Before we can also procure to the underside of our differences, David filed a lawsuit insisting upon cash that SV Angel doesn’t assume he’s entitled to rep.”
“It’s a long way terribly disappointing that David is attempting to stress SV Angel to pay monies that elevate out now not belong to him, and the SV Angel funds intend to vigorously defend against David’s meritless claims,” Conway said.
When requested for command, Lee urged TechCrunch the following: “When I left SV Angel, Ron Conway and I reached a settlement relating to my departure. Reasonably a range of the terms we agreed upon were proposed by Ron. I wish Ron no sick will. I merely need him to honor the settlement we signed.”.