liquidation-preference

How the proceeds of an acquisition or IPO are distributed across the cap table — the liquidation-preference stack from senior preferred to common, the participating-vs-non-participating choice, worked examples with multiple preferred classes, and why the same headline exit value can produce very different per-share outcomes.

What the specific clauses in a venture term sheet actually do — liquidation preferences and participation, board composition, protective provisions, pro-rata, drag-along, registration rights — and the difference between standard market terms and the 'dirty' terms that signal a stressed deal.