Leave it to New Yorkers to figure out how to buy a Woodside mansion and a Lamborghini with $10 million in locked-up stock.

California firms are swamped with initial public offerings and corporate transactions, so it was up to the likes of New York’s Davis Polk & Wardwell to help investment bankers solve the newest age-old problem in Silicon Valley — how to spend a windfall in non-tradeable stock.

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