> If the team tried to get a chunk of that then I doubt they'll be getting funding again. Again, it is in the interest of the acquiring company to have the li

> If the team tried to get a chunk of that then I doubt they'll be getting funding again. Again, it is in the interest of the acquiring company to have the liquidity prefs waived. They want the money to go to the team and have no interest in enriching the VCs. One exception: Sometimes there is a conflict of interest, where the acquirer has someone in a key position who is also a limited in the VC fund. This is often the reason for some really dumb prices being paid in various deals.