Sounds like 44% is the max you should ever offer, and even so I'd have my attorney add a clause that said that if a shark invested ABC would have 60 days to either join the round or pass. Of course they probably would tell me that I wasn't an acceptable candidate then :-).
Having dealt with many people starting companies over the years it is amazing to me how often folks get hung up on things that are 'known' by folks who do this a lot.
Perhaps there is an opportunity for MBAAcademy. :-)
You never/rarely see an entrepreneur enter 'the tank' who is Harvard MBA trained and shit hot. They weed those guys out during the application phase. (not saying a Harvard MBA makes you a good entrepreneur however)