3 ms·

I believe that the exact amount was $112 (net). Unbeknownst to most, our executives screwed everyone over and issued preferred stock to a major investment bank.

I believe that the exact amount was $112 (net). Unbeknownst to most, our executives screwed everyone over and issued preferred stock to a major investment bank. I, and many others, had thousands of options, but the share price for common shares was too low for most grants to be worth anything. The executives all received bonuses for the sale from the investment bank.

trop 15y ago
Similar situation, though I must say that the CTO felt guilty and gave me an ipod. Then felt even more guilty and arranged for the company to give me $5000 and let me keep the ipod. This was, I must add, when ipods were expensive novelties.
malbs 15y ago
I had a similar experience, a VC bought "preferred stock" (I can't remember the exact jargon), when the company was sold, the payout went entirely to the VC, and no standard stock holders received anything.
- jpdoctor 15y ago
  > (I can't remember the exact jargon) And this is how most people are screwed. Most folks receive options and never even see the financing docs or stock plan, so they don't have a shred of knowledge about the capital structure. (Not picking on you, except by way of example. Your situation is all-too-common.)
  - malbs 15y ago
    yeah I definitely walked into it with my eyes closed. My wife was telling me it was a bad idea, and I still didn't listen, but hey, who listens to their wife right? haha
    - georgemcbay 15y ago
      Poor bastard. I'm sure every time you disagree with her about something you get to hear about how she was right about the stock options.
- nerd_in_rage 15y ago
  yes, this happened to me, too. shocking. ;) not really. it's pretty expected. stock options are lottery tickets.
  - danssig 15y ago
    No way, they're much worse than lottery tickets. They're lottery tickets that even if you do win, some jerk can come along and make your winning ticket worth nothing after the fact.
Gotperl 15y ago
Same here

trop 15y ago

Similar situation, though I must say that the CTO felt guilty and gave me an ipod. Then felt even more guilty and arranged for the company to give me $5000 and let me keep the ipod. This was, I must add, when ipods were expensive novelties.

malbs 15y ago

I had a similar experience, a VC bought "preferred stock" (I can't remember the exact jargon), when the company was sold, the payout went entirely to the VC, and no standard stock holders received anything.

jpdoctor 15y ago
> (I can't remember the exact jargon) And this is how most people are screwed. Most folks receive options and never even see the financing docs or stock plan, so they don't have a shred of knowledge about the capital structure. (Not picking on you, except by way of example. Your situation is all-too-common.)
- malbs 15y ago
  yeah I definitely walked into it with my eyes closed. My wife was telling me it was a bad idea, and I still didn't listen, but hey, who listens to their wife right? haha
  - georgemcbay 15y ago
    Poor bastard. I'm sure every time you disagree with her about something you get to hear about how she was right about the stock options.
nerd_in_rage 15y ago
yes, this happened to me, too. shocking. ;) not really. it's pretty expected. stock options are lottery tickets.
- danssig 15y ago
  No way, they're much worse than lottery tickets. They're lottery tickets that even if you do win, some jerk can come along and make your winning ticket worth nothing after the fact.

Gotperl 15y ago

Same here