Knowing nothing about the specific terms of any Uber investment, I'll just say that in every deal I have been a part of, the liquidation preferences and associa

Knowing nothing about the specific terms of any Uber investment, I'll just say that in every deal I have been a part of, the liquidation preferences and associated protections went away at IPO (when all shares convert to common). It will be interesting to see if the Uber IPO (if it doesn't bounce back) makes the late-stage pre-IPO investors less supportive of going public in order not to have to give up those protections.