Agreed. Debt is senior to any stock but not all stock is equal; there’s liquidation preferences and who is at the table. Employees usually get the shaft even if

Agreed. Debt is senior to any stock but not all stock is equal; there’s liquidation preferences and who is at the table. Employees usually get the shaft even if founders technically hold common. Employees aren’t at the table. The article mentions this. It’s a subtle point about prisoners dilemma. In an acquisition, there is no sense of equity, just interest.