Cap Table

Preference

Lawpath sells the democratisation of law, from $39 a month. Its chief executive announced the revolution on a podcast titled Democratic Revolution, the month the bank’s shares were issued. It sells an ASIC compliance service, and told ASIC about its new director five months late. Five men are now called its founders. On the day it was registered, none of them had a chair. In 2025 Australia’s oldest bank bought a class of shares nobody else holds, and an observer’s chair to go with it. The press release said partnership. The register said preference. Democracy, at Lawpath, has a share class. The house always wins. This time it brought its own chair.

Part 1 of 2

The Observer's Chair

Ryan Tan · 33 min

Part 2 of 2

The Observable Price

Ryan Tan · 20 min