1999 Employee Participating Preferred Venture Capital 
Feld Thoughts
FEBRUARY 28, 2023
In the USA, the conversion right ensures that holders of preferred shares are not disadvantaged compared to holders of common shares; in Germany, this legal consequence must result directly from the structure of the preferred shares. The boom years of 1998 (79 IPOs), 1999 (175 IPOs), and 2000 (142 IPOs) are long gone.
Both Sides of the Table
SEPTEMBER 2, 2009
I took money with a 3x participating preferred liquidation preference with 8% compounded interest annually. Coupled with my participating preferred from 1999 and 2000 I had more than $55 million of liquidation preferences. I know because I’ve been there. Two answers from me.
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