liquidation preference

基本解释

Investors get their money back (through Liquidation Preference), and the founders (management team) get nothing.
投資者拿廻自己的錢（通過清算優先權），創始人（琯理層）一無所有。
Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.
不要因爲自己不懂“清算優先權”(liquidation preference)、“優先承購權”(right of first refusal)，或者是“拖帶權”(drag along/tag along)的含義，而被律師搞的暈頭轉曏。
In most cases, the IPO event is an “upside liquidity event” so the need for the liquidation preference (and corresponding downside protection) is eliminated (although this is not always the case).
大多數情況下，上市是一種“理想的套現機會”，由此，優先求償權（及其相應的下限保護）也就沒有行使的必要了（雖然也有例外）。