Liquidation preferences, hurdle rates, sales between investors, and other deals with the same investors just to name a few. When you stack those up in the right

Liquidation preferences, hurdle rates, sales between investors, and other deals with the same investors just to name a few. When you stack those up in the right way, you can make deals that look very stupid all of a sudden look very smart. Not saying that's the case here, but you can't just look at valuation and say "that's dumb".