Angelgate is about to get its big Hollywood climax. At 12:45 EST, Ron Conway, Dave McClure, and Chris Sacca will go on stage at TechCrunch’s Disrupt conference to talk about angel investing.
The panel — which also features Chris Dixon, Mark Suster, and Roelof Botha — was planned long before Angelgate broke, of course. But now that the world has read Ron’s vicious attack on his co-panelists, it’s difficult to see how the issue can avoid taking over the event.
Fortunately, TechCrunch is livestreaming the event.
We’re watching and covering it live below.
12:46 – As conferences will, Disrupt is running a little behind schedule. The panel before the super angels is winding down now.
12:48 – The new image, btw, was tweeted out by Chris Dixon, and taken back stage. (Bin 38 was the location of the notorious meeting that kicked off Angelgate.)
12:50 – OK, Mike Arrington is calling the panelists to the stage.
12:52 – Dave McClure and Ron Conway are sitting next to each other!
12:53 – Getting right to the point. Arrington is asking the panel about Angelgate.
12:54 – Dave McClure: “Unless your anonymous source wants to go public, I’ve said all I want to.”
12:55 – Chris Sacca: “Ron Conway made this industry popular.” But: “I think this whole thing is a huge waste of time.”
12:56 – Ron Conway: “I think all of the leaked emails cover it.”
12:57 – Michael Arrington: “So we’re not going to have a Jerry Springer moment?” Dave McClure: “If that happens, I think you should watch out, Mike.”
12:58 – Everyone keeps saying they don’t want to talk about this, and they keep talking about it, and they’re all very embarrassed.
12:59 – And that’s a wrap, apparently. New topic. We’ll see if that holds up.
1:00 – New topic: is there a substantive difference between super angels and venture capitalists? On paper, not really, but McClure says it’s an important distinction. “The targets are much different.”
1:03 – Wow. Mike Arrington: “Raise your hand if you’ve ever sold stock before a liquidity event.” Other angels all shake their heads. Dave McClure: “Oh, c’mon. Every one of you has sold stock early.”
1:04 – Ron Conway: “Everyone should cash out at the same time. Anyone who cashes out earlier than that, I disagree with.” McClure: “That’s totally impractical.”
1:05 – Chris Dixon: I’ve never cashed out early, but it’s cool if it happens to a profitable startup (via DST, for instance.) Otherwise it creates perverse incentives.
1:07 – Arrington: “Valuations are going up, I hear. What do you guys do to counter that?” Heyooo!
1:08 – Dixon: We’ve done 15 deals in the past three months, and none of them have been above 5.3.
1:09 – Arrington: “Shouldn’t everyone be going for a big, change the world exit. [$100+ million]” McClure, Suster: No!
1:10 – Suster: Startups that raise at inflated valuations have much harder time raising further rounds.
1:12 – Sacca: People get rich in $20 million exits. “You call them dipshit companies, Mike, but I think they’re real.”
1:13 – Hostility is what this community needs. People are being a lot more forthright than usual, because they’re angry.
1:15 – Ron Conway: “Super angels are just small VCs.” “The small VCs are now called super angels… All these names are bullshit.”
1:16 – Arrington: “There’s a cult of personality developing in the angel community that drives me nuts.”
1:17 – And it’s all over. That was not a friendly chat.