alt Hacker NewsNo equity holders got anything out of the liquidation - whether big or small [1]. Preference shares are just as worthless as common stock if there isn’t enough money to cover debt, tax bills, employee statuary entitlements/outstanding pay, bank loans, etc.
[1] https://littlelaw.co.uk/p/the-1-billion-brewdog-deal-that-le...
> No equity holders got anything out of the liquidation - whether big or small
This statement is not supported by the link you posted, nor any other reporting I've seen on the matter. What I have seen is that TSG is senior to all of the other equity holders, so if there's money to be had, they're getting it before the small holders.
Also from your link:
> TSG was promised an 18% compound return on its investment (which means the amount they’re owed grows by 18% each year, with each year building on the last).
> TSG’s preference shares entitle it to an 18% compound return on its £213 million investment. That return has snowballed over time. By 2024, it had grown to around £801 million.
I can't say for sure, but I don't believe those terms were available to the average investor.