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Suppose that the VC holds convertible preferred with 2X liquidation rights. The VC invested $3m and if they convert, they would own 33.3% of the

Suppose that the VC holds convertible preferred with 2X liquidation rights. The VC invested $3m and if they convert, they would own 33.3% of the equity. Suppose the company the VC invested is sold for $15m. How much would the VC get in the sale? Would the VC want to convert their shares?

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