The terms could be literally anything. The grandparent was assuming that the VCs have 3x participating preferred. I won't say that's unlikely, since I've never seen a Series B or C term sheet, but those are gone from decent Seed Term sheets and I believe good Series A term sheets.
So you have to ask, how could a sale happen for $100M with a $36M investment. There are two options: the VCs agreed, or they didn't need the VC's permission. In the latter case, the common would almost certainly do well. But there are situations where the former could happen too: if the company was worth much less and they just felt now was the time to sell.
The operative word here is "could". It also "could" mean they make $60M.