The most useful information you'll get today: a U.C. Berkeley study shows that an entrepreneur who incorporates a venture in California, rather than investor-friendly Delaware, stands to make $1.75m more in a contested exit. How come? Startup veterans know that, by holding up a sale, they can sometimes improve their outcomes: the investors may "carve out" part of their proceeds to ensure the transaction goes through smoothly. The Berkeley paper shows, unsurprisingly, that founders do better if one of them is still CEO, or if they've denied investors board control. But the data — from 42 sales of VC-backed companies in Silicon Valley, a quarter of which gave common shareholders more than they were contractually entitled — shows the threat to sue investors locally is equally important. [Power and payouts in the sale of startups via Paul Kedrosky]

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