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With private stocks, they can put further restrictions on what you can do with your stocks.



Sure, but in the event of liquidity, can they refuse to pay me the value of my shares? For any reason?


If they have even moderately clever lawyers and accountants, yes.

See eg https://en.wikipedia.org/wiki/Shareholder_rights_plan also known as a 'Poison Pill' to give you inspiration for one example.




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