"At this point, the company's equity was:
500,000 preferred stock
1,000,000 common stock
"And note that at inception, the three of us owned the company 33-33-33, thirdsies. At that point, each of us owned 333,333 shares out of a total of 1,500,000, or about 22%, assuming a successful outcome. We owned somewhere between that number and the square root of zero in a less successful outcome. The net worth of the company was then $500,000. That's just the cash.
"There is $1,000,000 of perceived value...
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