Don't forget about NEA. They also have a pattern: squeeze the other investors, and insist on having control of the management.
My guess is that all of the VCs overplayed their hand, and then weren't willing to come up with the cash to fund the business problems they created.
It's interesting that the CTO is the one effectively running the company. I've been in that situation -- it means that the other management didn't feel any commitment and bailed.
Biting the hand that feeds IT
