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yes, I've heard of California's ABC liquidation process, which also blocks creditors.

whats the drawdown look like? how much money do VCs lose, percentage wise given their liquidity preference?

there is no scatterplot or case study or statistics at all? maybe an obscure SSRN article? Publication from a VC itself?

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Typically companies don't shut down until they are out of money or almost out of money so VCs lose basically everything.

Common shares go to zero (as they should).

And those companies usually took on debt additionally which is more senior than the equity investors.

Junior creditors frequently receive more under an ABC than they would under a bankruptcy. The reason is that any creditor can preempt an ABC filing by petitioning for an involuntary bankruptcy in federal court. To avoid an involuntary bankruptcy, the senior creditors are usually willing to let the trustee make compromises when settling with junior creditors.

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