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Goodwin Procter's November 4, 2019 draft is a second amended and restated Delaware LLC agreement for a search fund acquisition. Series A preferred takes a return and capital back. Series B preferred takes capital plus most of the upside, typically 75 percent for one searcher.
Searchers and counsel can see the acquisition-stage LLC: two preferred series, operator equity, board, distributions, and transfer rights. Owners can see how investor capital sits ahead of common.
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