As Joe noted to me - very few folks in our space have written about the recent acquisition of Incisive Media (by Apax Partners, a private equity firm). As usual, Joe has remarkable insight on the subject:

Now with Incisive Media itself having been on the auction block with a subsequent sale to Apax Partners, its beginning to make more sense and their overall rationale in not retaining Danny's services. Why negotiate to disperse additional equity percentages when you are on the verge of cashing out?

Good call, Joe. And clearly a smart business move from both Incisive and Danny. Clearly many of us who criticized the decision need to think ahead to the possibilities next time we consider making a snap judgement. I know I'm feeling fairly daft.