Based on their current valuation, exercising pro rata could have turned out to be a lot of money, but certainly not 5-14BB. They may be looking to dump at a big

Based on their current valuation, exercising pro rata could have turned out to be a lot of money, but certainly not 5-14BB. They may be looking to dump at a big discount to the current valuation though, which could put them near a wash or a loss.