It seems like a lot of the OP's experience is clouded by bitterness over having such a lousy payout in what looks like a good acquisition. I think this mostly

It seems like a lot of the OP's experience is clouded by bitterness over having such a lousy payout in what looks like a good acquisition. I think this mostly goes to illustrate how important it is to understand the ownership structure of the company (common vs. preferred stock) and understanding what your grant actually means. Most people just accept whatever they're given without really understanding it. It can be a costly mistake.