How the F*ck Could Foursquare Be Sold for $0?!?!?

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Foursquare raised $412M and sold to Infillion for $0 to every shareholder. Here's how debt and liquidation preferences zeroed out preferred and common.
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Infillion bought Foursquare, and every share, preferred and common, was cancelled for nothing. A $412M capital stack of debt and preferences explains how a company once valued at $650M sold for $0 to equity.