If the company was worth zero before the new round of investment, then surely the investors would not put any money into it?
So, if on the other hand it was worth something, then it's worth what people are willing to pay for it. In this case they valued the company at 1000 shares * 10K, or 10 MM. So OP should receive 15% of that.
An alternate case might be that the new valuation anticipated future profits and so was 100 MM, but since realizing such profits requires further investment that OP cannot make, their share is restricted to 15% of 10 MM, rather than 15% of 100 MM.
But in no case does it make sense to value the company before recapitalization at near-zero.
If the company was worth zero before the new round of investment, then surely the investors would not put any money into it?
So, if on the other hand it was worth something, then it's worth what people are willing to pay for it. In this case they valued the company at 1000 shares * 10K, or 10 MM. So OP should receive 15% of that.
An alternate case might be that the new valuation anticipated future profits and so was 100 MM, but since realizing such profits requires further investment that OP cannot make, their share is restricted to 15% of 10 MM, rather than 15% of 100 MM.
But in no case does it make sense to value the company before recapitalization at near-zero.