No. It is equivalent to buying the preferred shares at $X/share, which obtains voting control of the board, cutting the founders a check (not for shares), and zeroing out the common.
This is always possible with a company with a significant interest controlled by the preferred (which is another way of saying: a company funded by VCs.)
This is always possible with a company with a significant interest controlled by the preferred (which is another way of saying: a company funded by VCs.)