liquidation preference

基本解释

Investors get their money back (through Liquidation Preference), and the founders (management team) get nothing.
投资者拿回自己的钱（通过清算优先权），创始人（管理层）一无所有。
Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.
不要因为自己不懂“清算优先权”(liquidation preference)、“优先承购权”(right of first refusal)，或者是“拖带权”(drag along/tag along)的含义，而被律师搞的晕头转向。
In most cases, the IPO event is an “upside liquidity event” so the need for the liquidation preference (and corresponding downside protection) is eliminated (although this is not always the case).
大多数情况下，上市是一种“理想的套现机会”，由此，优先求偿权（及其相应的下限保护）也就没有行使的必要了（虽然也有例外）。