take_one.jpgDan Primack has the latest gossip on the VSP Capital saga.

It is a tragic one, about the unraveling of one of the few Silicon Valley venture firms run by a woman. We’ve ceded this story to PE Week, as there’s only so much we can do, but Primack and his colleague Constance Loizos have done a good job in telling the part of the tale that can be told. There are several Silicon Valley companies invested in by VSP Capital’s funds, and these are at play. Basically, when a firm collapses, its stakes in companies have to be sold off on the so-called secondary market — where other firms bid for the stakes.

This latest story is about how VSP’s founder, Rees-Gallanter, and her ally John Hamm, try to partake in the bidding themselves, resulting in some interesting brinksmanship. Just keep in mind that Rees-Gallanter isn’t doing much talking these days, so a lot of this is coming from the other side.

Here is a link to our past coverage (follow the thread), including one wrongly-worded headline about how the saga was “over”.