[sverhagen]

Doesn't that mean these the decision makers also don't have liquidity? If so, wouldn't the lack of liquidity not be for them still believing that there's a bigger payday behind the horizon? Still sucks if you want/need the cash now, of course.

[ethbr0]

Without employee power on the board, there's nothing to prevent leadership from issuing themselves a different class of stock.

Especially for pre-IPO companies that are beholden to fewer financial regulations.

Either you have power, or you have a promise.

... And promises depend on how much you trust your counterparty.