Consider the following four CP investors: (1) Series A: $5M APP (and 2x liquidation preference) or converts to 5M shares: (2) Series B: $6M APP or converts to 5M shares; (3) Series C: $7M APP or converts to 5M shares; (4) Series D: $6M APP or converts to 4M shares. In addition to these investors, the founders hold 20M shares of common. (a) Find the conversion order for these investors. (b) Find the conversion conditions for these investors, i.e. the value of portfolio co. when each series investors convert to common stock. ASSUME 20% CARRY AND 2% ANNUAL FEES ON COMM CAPITAL FOR EACH FUND (GP% 10%) (c) Assume that total valuation is $80M. Compute the LP valuation for each series following the Series D investment with VCV tools