Arrington writes: "They likely have a liquidation preference that lets them get their $15 million out of the company before others can take part of the pie."

But, such a liquidation preference wouldn't get them their full $15 million back if the company sells for far less than the assumed $750 million valuation, would it?

For example, the total capital raised is said to be $119 million. Lets say the company sells for $150 million. Would Lightspeed really get its full $15 million back, even though that sale price is an 80% decline from their purchase-time valuation?