4 ms·

388-178 is still a bunch of cash...

• cududa 3y ago
  Most investments have a "ratchet" provision, where they get at least 2-3x their investment in a sale. Most of it probably went to investors.
• onlyrealcuzzo 3y ago
  (388-178*y)*x Where y is the ratchet rate, and x is the percent Portnoy owned. He could have easily owned 20% of the company or less. Assuming no ratchet, that could still be well over $30M after taxes - but it's an order of magnitude away from $550M. And assuming a ratchet rate close to 2 - that's almost nothing - even if he owned 80% of the company.