Who is right and who is wrong: Day One or Valar? “Everyone was saying that Day One was suing their portfolio company, which was completely wrong. It is Valar that wants declaratory judgment to move on. Sequoia came in very aggressively, and everyone had to waive their pro rata so that they could get their ownership target. Then Valar let one of their investors invest because they are strategic. This is the whole point: you are not supposed to play favourites. Having said that, when the…