Binny
Investor gets to cash out by 2 steps here -
1. 1x Liquidation preference - first the investor will take out his/her $1 million
Remaning amount left is $999 million
2. Now investor will additionally get 10% of $999 million which is $99.9 million
So total cash investor gets is $99.9+$1 = $100.9 million
May 11 2013 02:31 PM