Again, for this question, assume that: (a) a large Delaware corporation, Big Public Co., is going to buy all of DIY Chef's assets for $28,000,000; (b) immediately after the sale, no shares of DIY Chef's common stock will be subject to any vesting; (c) immediately after the sale, DIY Chef has no debts or other liabilities; and, (d) DIY Chef is going to distribute all of the sale proceeds to its stockholders. As a result of the preferred stock liqudation preferece and participation rights, in total, what % of the sales proceeds did CMUV receive from the distribution?

DIY Chef (Post Series A Capitalization Table) Shares % Common Stock: Founders: Sierra & Derrick 4,000,000 40% Reserved for Stock Option Plan 2,000,000 20% Series A Preferred Stock: CMU Ventures II, LP 4,000,000 40% Total Capital Stock 10,000,000 100% Use the above capitalization table for DIY Chef and assume that: Founders (Sierra & Darrick) purchased their shares of common stock for $0.001 per share (for a total of $4,000). A venture capital fund managed by Carson and Shanell of CMU Ventures ("CMUV") recently paid $2.00 for each share of its Series A preferred stock (for a total of $8,000,000). Immediately after the Series A financing, CMUV has the right to convert each share of its Series A preferred stock into one share of common stock. The Series A preferred stock has full ratchet" price-based anti-dilution protection. The Series A preferred stock has a ONE times liquidation preference right (i.e., LP = 1X) AND the Series A preferred stock is full participating. The above capitalization table is accurate and complete (i.e., immediately after the Series A financing: (a) there are no other outstanding shares of stock or options to purchase stock; and (b) DIY Chef has not yet issued any shares reserved for its Stock Option Plan). DIY Chef (Post Series A Capitalization Table) Shares % Common Stock: Founders: Sierra & Derrick 4,000,000 40% Reserved for Stock Option Plan 2,000,000 20% Series A Preferred Stock: CMU Ventures II, LP 4,000,000 40% Total Capital Stock 10,000,000 100% Use the above capitalization table for DIY Chef and assume that: Founders (Sierra & Darrick) purchased their shares of common stock for $0.001 per share (for a total of $4,000). A venture capital fund managed by Carson and Shanell of CMU Ventures ("CMUV") recently paid $2.00 for each share of its Series A preferred stock (for a total of $8,000,000). Immediately after the Series A financing, CMUV has the right to convert each share of its Series A preferred stock into one share of common stock. The Series A preferred stock has full ratchet" price-based anti-dilution protection. The Series A preferred stock has a ONE times liquidation preference right (i.e., LP = 1X) AND the Series A preferred stock is full participating. The above capitalization table is accurate and complete (i.e., immediately after the Series A financing: (a) there are no other outstanding shares of stock or options to purchase stock; and (b) DIY Chef has not yet issued any shares reserved for its Stock Option Plan)