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Think about it....in addition to the minimum size check size ($30M?) there would be a huge stack of liquidation preferences to deal with along with along with a god-only-knows-what-else in preferred to common share conversion before anyone makes a nickel.
Given these issues, and the fact that the financials are not strong enough to support a "normal" IPO makes the situation smack of desperation.
....but that doesn't mean that Goldman won't be able to pawn it off on weak minded PMs