alt Hacker News> 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.
Yeah, but TSG paid in 213 million and is (at max, assuming there are no creditors to pay, which seems unlikely) getting 33 million out. That's them cutting their losses, not making a profit. They could be getting about 15% of their money back instead of zero, but either way they aren't winning here, just losing slightly less hard than everyone else (though it sounds like the founders made out pretty well). (and realistically, it was probably obviously a very risky bet if the company was not able to get a better deal: these kinds of deals are generally a sign that things are already bad and getting worse, and someone is hoping to try to pull something from the wreckage: the deal obviously meant that if brewdog did manage to turn things around, the value would largely be sucked up by the preferred investors).