* ready to sell business because it wasn't going anywhere, sequoia knew greendot well and got them to get a return on the $ put in so it wasn't a total buss. Hence the huge (relative to the sale) incentive for founders to stick around since they got nothing from the sale. is my guess.
Not sure if you figured this out, but sama = Sam Altman = ceo of Loopt. I think sama's words on this situation carry a little more weight than your guess.
Oh - so he's going to tell the truth then? I guarantee he has confidentiality agreements about all of that - so I don't believe anything he says for a second. Loopt was a total bust for VC returns.
