Yep. Everyone ponies up and pays the $10k/year for the 409a consultants -- in theory, their calculations to establish the option value takes into account all o

Yep. Everyone ponies up and pays the $10k/year for the 409a consultants -- in theory, their calculations to establish the option value takes into account all of the liquidation preferences of preferred shareholders but anyone that's been through it can tell you how arbitrary the 409a's really are.