What does not transfer at all

Block trades through an investment bank; Rule 144 and Form 144; cashless option exercise with share withholding; pledging shares for a margin line; dissident proxy campaigns; and 10b5-1 itself. Every one of these needs a liquid public security and a US regulatory perimeter. There is no private-company version, and attempts to synthesise one usually produce cost without the benefit.

Neugebauer's week in particular is a warning rather than a lesson: concentration plus a cash deadline forces you to sell at the worst possible moment, and the only defence is liquidity arranged before you need it. For a private-company owner that means a personal cash buffer held outside the business and a credit facility negotiated when you do not require it — the unglamorous version of the only thing that would have saved him.