Which illustrates the original point: that scenario -- generous severances when the company is going out of business -- is incredibly rare. A much more likely

Which illustrates the original point: that scenario -- generous severances when the company is going out of business -- is incredibly rare. A much more likely scenario is your options become worthless and you're laid off. If you can leave a bad environment, I recommend leaving ASAP instead of letting the golden handcuffs keep you -- unless the golden handcuffs promise a huge return, and there's little or no doubt about getting that return.