Frankly it is a bit weird way to describe it. It is not some quirks of liquidation preferences that "ruined" it. It is ruined by a simple fact that this hypoth

Frankly it is a bit weird way to describe it. It is not some quirks of liquidation preferences that "ruined" it. It is ruined by a simple fact that this hypothetical startup earned just 50 cents for every dollar raised -- I don't think anyone should expect a nice payout here.