i think he can take the liquidation preference without a lot of waiting. what constitutes a liquidation? i've asked here before and didn't get any feedback.
one thing we can surmise is roche doesn't get more shares in a BK, so a liquidation might be where we're headed, and at that point the question will be asked "what does roche want with tons of shares in an empty shell?"
indeed, since roche was likely not surprised by any of this, why was he so willing to pay up for the equity? :-)
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