I agree to some extent -- I think the SNAP offering was a little ridiculous, and serious asset managers seem to agree. But one significant difference is that S

I agree to some extent -- I think the SNAP offering was a little ridiculous, and serious asset managers seem to agree. But one significant difference is that SNAP shareholders have a residual claim on the assets of enterprise. In the event of a sale of SNAP (takeover or merger), they must be compensated. In the event of a bankruptcy they get whats left after all the other creditors (though that's presumably gonna be 0.)