I agree. I'm not arguing that employees shouldn't cash out when they can. I'm saying that if investors as a whole are getting cold feet 3 months after the IPO,

I agree. I'm not arguing that employees shouldn't cash out when they can. I'm saying that if investors as a whole are getting cold feet 3 months after the IPO, those employees were never likely to be able to recoup much value from their equity in the first place, regardless of whether these lenders get to dive off the sinking ship first.