Actually, it looks like Fred Wilson did an example here: http://www.avc.com/a_vc/2011/10/liquidation-analysis-continued.html http://www.avc.com/a_vc/2011/10/liq

Actually, it looks like Fred Wilson did an example here: http://www.avc.com/a_vc/2011/10/liquidation-analysis-continued.html http://www.avc.com/a_vc/2011/10/liquidation-analysis-continu... Note that his example does not show a multiple on the liquidation preference, and it doesn't show how the early employees can get screwed even when the founders do well. But it's more realistic than Suster's infographic.