> To be honest, if this is the case I'm very surprised that fund managers like T Rowe Price and Fidelity haven't been invoking it for as long as they've held shares to do their monthly marking of their private positions. I mean, doesn't it seem like they actually have a fiduciary duty to do this as it lets them most accurately value the holdings that they have?
T. Rowe Price and Fidelity only trade in publicly traded securities.
The amount of information available in publicly filed SEC documents, under normal circumstances, dwarfs what you have access to as a result of your shareholder rights under the Delaware BCL.
Totally tangential question but is there any resource you know of that provides a layman's "explain like I'm 5" explanation of this Delaware BCL?
A privately owned company (in which I bought my shares of when I left) was purchased via an asset sale and us common stock shareholders got zilch. I am trying to learn if I have any legal standing...
"was purchased via an asset sale and us common stock shareholders got zilch"
Just based on this (I am not a lawyer or giving financial advice), I'd guess that you can have legal standing to your share, which is probably $0. Investors often have preferred shares, and since it was an asset sale, it doesn't sound like things went well. The shares you bought were holding your place at the very back of the line, and the money ran out long before you. Your shares are probably literally worth $0. Consult a tax attorney or CPA to figure out if you can write off some losses on taxes, maybe?
Preferred shareholders are first in line. The assets got sold, they got a fraction of their investment returned (if anything...) with nothing left for the common. I had this happen to me, as well. It's, by far, the most likely outcome, so don't be surprised you didn't win the startup lottery.
T. Rowe Price and Fidelity only trade in publicly traded securities.
The amount of information available in publicly filed SEC documents, under normal circumstances, dwarfs what you have access to as a result of your shareholder rights under the Delaware BCL.