As I wrote recently, IPO filing is accelerating (just check my recent post on LinkedIn and Pandora). Maybe, it should not be so much. Too much may mean a speculative bubble A recent one is Active Network. I tried to build the cap. table. Piece of cake, usually, even if I am sure, they have some mistakes. And I was lucky, Active had filed but failed in 2004 (a sign?), so I also have the 2004 cap. table. But it was a nightmare. I could not find anything about the founders, not much about how much the company really raised, even if I have full disclosure on liquidation preference.

So here is first the 2004 cap. table (once again I must mention that information given is subject to possibly many inaccuracies)

And here is the 2011 new table.

Not very sexy, not to say awful! I do not talk only about the pictures themselves that you can download and enlarge, but also about the messiness of the structure! But still interesting…