[brudgers]

How much is 5% of a company that is likely to be dead soon worth to you? After the pivot, all the work lies ahead. With a $1 million investment, you probably want to see the cap table if the 5% of a company likely to be dead is worth enough to proceed.

A few years ago, I made this: http://fumoney.kludgecode.com/default.aspx The caveat I would add now is a discount factor based on an assessment of a liquidity event. There are lots of high value startups that are not going with an IPO or any other event that allows employees to cash out. Manually adjusting the calculation can be done by multiplying the FU money field by 1.0/probabilityOfSuccessfulExist. Example multiply by 10 if the probability of the exit amount is 10%.

Good luck.