[baldajan]

you're right that my math is wrong in regards to sale_price < real_company_worth - it should have been the other way around... (real_company_worth < sale_price)... I guess I needed more coffee...

max is correct though (whichever value is highest, that sets the base price).

[jrochkind1]

shareholders would rather lose only half of their investment then all of it. It's quite possible for a company to sell at a shareholder loss.

And of course, some sheareholders lost their stakes in this sale.

> Because the company’s obligations to its preferred shareholders exceeded the sale price, investors won’t be paid out in full, according to a document reviewed by Bloomberg.