Non-cash waterfall resolution uses binding appraisal procedures and contractual asset ordering rules to distribute mixed cash and illiquid consideration across preferred equity tiers.
Judicial review of discretionary asset appraisals in multi-class liquidation waterfalls hinges on whether contractual terms or fiduciary self-dealing triggers deferential business judgment, manifest error, or entire fairness scrutiny.
Separation agreements value unvested equity through formulaic discounts, option pricing models, or forfeiture clauses determined by departure status.
Stepped preferred liquidation multipliers adjust preference payouts across valuation notches determined through formal board appraisal during liquidity events.
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