>> Several days after the announcement I got the paperwork about the sale from Foursquare’s legal counsel. […] around page 50 was the sentence I needed to see, which said that “each share of Preferred Stock was cancelled and extinguished, without any conversion thereof or payment of any cash or other property or consideration therefor, and ceased to exist.”
Translation: The Foursquare acquisition was a $0 outcome for equity holders – $0 for preferred, $0 for common. It’s bittersweet to see these details surface publicly – at least now there’s an opportunity to comment on them.