[wpietri]

Here's their funding history:

https://www.crunchbase.com/organization/satisfaction/funding...

And here's a handy explanation of "participating preferred" which is one way early sharholders can end up with nothing:

http://www.feld.com/archives/2004/08/to-participate-or-not-p...

[joshu]

There is no need to assume PP, since it is still relatively rare. They just had to sell it for less than the sum of preference.