Ethics Test

Here’s a hypothetical situation.  You’ve been working with a VC for a while.  You’ve gotten through a lot of business diligence and there’s one last pitch to the partnership before you get a thumbs up/down on getting a term sheet.  The CEO and head of sales are able to attend in person, but you (founder) have a scheduling conflict so you are participating by phone.

The pitch goes off okay.  You can hear the meeting winding up with your team mates leaving the conference room when all of the sudden, the VC partners immediately jump into a vigorous discussion of the merits of the presentation, team, company and whether they should offer to invest.  It’s clear that they do not realize you are still on the line and they have no real way of finding out if you are or are not.

What do you do?