The big one, as far as I can tell (I've been reading through the prospectus and the latest dell 10q), is that the tracking stock is actually an unsecured intere

The big one, as far as I can tell (I've been reading through the prospectus and the latest dell 10q), is that the tracking stock is actually an unsecured interest in Dell (Dell Class V shares). So, you're exposed to Dell going bankrupt: secured creditors would get the vmware stake if Dell can't pay the ~ $1.6 Billion in interest they owe per year.