right — agreed. I think the point I was trying to make is that if there wasn’t downside protection, they’d pay a lower price (by some %). And that “lower price” is probably what the common shares are worth. And so saying the price of the “preferred shares” ascribes a “value” to the whole company made up of more than just “preferred shares” makes no sense to me.

BTW thanks for responding — huge fan of some of your talks on product development/iteration etc.

[5'9", ~170 lbs, male, New York, NY]. I blog about investing. And usually about things I’ve learned the hard way. Opinions are my own, not CoVenture’s

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