I thought the same and did more reading. It's generally "structured" because its something like preferred shares instead of regular equity. They give some liqu

I thought the same and did more reading. It's generally "structured" because its something like preferred shares instead of regular equity. They give some liquidation preference to the new money so it has an incentive to pay more than a straight % value of true valuation. ie - if it gets taken out below certain levels where not all equity is going to get made whole, you are first in line and get made whole. "The preferred stock has the same upside as the common stock, but it has a lot of protection on the downside."