DB, I would not accept $160K as an initial offer. The/Joe's Pref's still cloud the issue and if I were Joe, I would want something for those.
But at the end of the day, if it were take $160K cash right now, or we will continue the dance, I would take $160K, call it a day and move on.
There get's to be a point of diminishing returns in negotiating and quite frankly, the more aggressive he gets (i.e. taking over as CEO) the less likely other pinks will do business with him. But then again, pink ceo's tend to be a desperate sort, so maybe they don't care.
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