Lawyer up for stock options
Hi Blind I am looking for a good lawyer in San Francisco specialized in private equity. The work would consist of going through all my paperwork and see if there is anything that could be done against my previous employer that is blocking every secondary transactions I can find without even exercising their ROFR. Currently sitting on about $4-8M of illiquid options (successful private company) which I'd like to cash out before the bubble pop but also for other various life events. Thanks in advance for any recommendation here or via DM 🙏
Do you go to an accountant? They can normally recommend good legal connections that they’ve referred to in the past.
Usually don't but thats also a good idea
I’m going through something similar. Except the company hasn’t even formally exercised my options. Did your previous employer exercise your options?
I have exercised a portion but the majority is not exercised (would cost me too much to exercise at this point)
Curious how are you selling? Equityzen or something similar? Also I’m assuming these are just common shares?
If they’re illiquid they’re $0 sweetie sorry
Like I said I have a lot of buyers lined up. The demand is not the issue. The value is real.
Then why are u calling it a bubble? Doesnt it mean its overvalued? Isnt any lawyer you hire gonna take a chunk of it as their fee? Better than than nothing tho.
Cannot be sold as you know. All you can do is write a loose private contract with someone willing to buy today in return for them in the future at a steep discount of course.
Yes I am also looking into forward contract as a last resort. Not optimal but I don't mind the discount as I am not greedy.
That's the only option. Second markets were outlawed years ago. Why firesale your equity though? Let it ride that's half the fun!
Wow I'm sorry you're going through this. Please do let us know how things go.
Sucks indeed as they may be worth 1/10th or 10x if or when they ever gain liquid value.
And I'd rather take x now than losing everything. I know that I would hate myself way more if I didn't cash out and it became 0 than if it became 10x and I sold everything at a lower valuation...