"Let's convert this back pay that you are legally owed and we almost certainly violated a couple state and federal laws by not paying you into equity" is a pret

"Let's convert this back pay that you are legally owed and we almost certainly violated a couple state and federal laws by not paying you into equity" is a pretty ballsy suggestion, but couple that with not being allowed to see the cap table is the kind of thing you have board room fist fights over. Sounds like they should fire that primary stakeholder, claw back his equity, hire someone who knows what the hell they're doing, and hope to god the employees don't walk or sue the hell out of them - both of which they probably should do.