Many people are unaware that there's usually an automatic anti-dilution clause in the event of a down round. These types of maneuvers are usually 'heads I win tails you lose' in favor of the investors.
This is something that is so painful to talk about we often forget to bring it up. When the ICs who thought they had real equity in the company because they “got in in the ground level” find out they aren’t in that category, boy does that turn ugly quickly.