This is precisely why a company that has already IPO'd, or one that has been sold outright or been raising private equity at a lower valuation, is a better exam

This is precisely why a company that has already IPO'd, or one that has been sold outright or been raising private equity at a lower valuation, is a better example (in my very humble opinion). You've precisely underlined the precarious situation Facebook is in. Enormous pressure on Mr. Zuckerberg to make a good IPO, because afterward he is off the hook.