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Why don't they borrow $250k from somewhere else and pay you?

Spoiler: because it's easier and cheaper for them to sucker you into doing work for IOUs.

Ask for the cash or a piece of the company. Once you hand over the code, you don't have a lot of leverage.

Don't try to get a piece of the company... Cut ties with them, as the headache and bs is not worth it. They will always try to screw anyone over.

Try to get whatever you can get out of it. Don't give a license of your code and technology.