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The Acqui-Hire Is No Longer a Distress Sale
This is the clearest breakdown of where the money and the IP actually go in an asset sale versus a wind-down, so you can see who wins in each path before you pick one. It shows how consideration splits between the company (which flows through the cap table to investors) and the team (retention packages that do not touch investors), and it walks named deals (Inflection returning investors 1 to 1.5x, Windsurf's team-and-license structure) so the abstract becomes concrete. Critically, it flags the trap: if too much value is routed to the team around a 1x liquidation preference, investors can allege you diverted value, so a soft landing done carelessly can end worse than a straight shutdown.
Read the whole thing at heavybit.com ↗
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