If they owe you back pay and they're not being transparent about their "equity offer" you need to take steps to get in line for your money NOW. Talk to a lawyer. Assuming this is the US since you're quoting dollars: if you're an employee, a complaint to the state Dept of Labor about back pay usually puts you first in line for money. If you're on contract, you might be able to get a lein on...something of value. Seriously, don't wait on this if you expect to ever get paid.