There is a concept called a liquidation preference. It represents an investor's right to get money back before the proceeds of a sale are distributed. A one x liquid effort, liquid liquid desin liquidation preference, means you got your money back. We're now on the section in this chart. Here's a return based on a non participation liquidation preferences. And this is called a non parti. There's non participating this participating. I'll just do this by example. So here we go. Just keep it very easy peasy, ma.

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