[yen223]

If the company value stays flat, that means its valuation at liquidation time is equal to $Y

[temp_praneshp]

But in any offer I have received, I've seen two numbers: Preferred value(?): X, and strike price: Y, with Y well below X.

In any case, you don't have to teach me all about options here, I was just curious :)

[MrDarcy]

Put another way, your capital gains are zero.