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Equity in startups which had deposits there. If you need $100k next month to meet payroll, and you had it deposited in SVB, the Fed will cut you a cheque for $
by blagie 4y ago
Equity in startups which had deposits there.
If you need $100k next month to meet payroll, and you had it deposited in SVB, the Fed will cut you a cheque for $100k, and in return, receive $100k in equity at the more advantagous (to the Fed) of your last valuation and your next valuation.