Winston Weinberg
👤 SpeakerAppearances Over Time
Podcast Appearances
And that's kind of what we did.
And so we got the term sheet.
We like locked them up for a certain amount of time.
And then we went to go get the money.
And of the money, we were short.
We got like a lot of it.
We were trying to raise like around like 700 million or something like that.
And we got, I think, like 500 in clean equity.
And then the deadline was there.
And we had an option.
We could have taken a loan, basically, with PIC.
The problem with those is if you take that debt, if you don't fulfill the debt obligation, somebody else can own the company.
So it's not in dollars.
It's actually in percentage points of the company.
It's called payment in kind.
And we decided not to do that.
And when that happened, and I remember just pulling it off and telling the other side we weren't going to do it and everything like that, I thought the company was over.
I was just like, I don't think...
I don't think like we can build fast enough.
I think the model providers are just going to eat us.