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Adam Neumann , who co - institute pliant workspace provider WeWork in 2010 and notoriouslystepped downnine years later , is essay to buy the company out of bankruptcy , according to multiple report .
In aletterpublished by The New York Times today , lawyers for Neumann , his latest startup Flow Global Holdings LLC , and “ their affiliate ” wrote that they were dismayed with “ WeWork ’s lack of interlocking even to put up info ” in response to efforts to be capable to make an offer to buy the company . The alphabetic character disclosed that Neumann , Flow and affiliates were partnering with investor such as Dan Loeb ’s hedge fund Third Point and “ others . ”
Neumann ’s attorneys further claimed that he had “ previously worked to arrange up to $ 1 billion of funding to stabilize WeWork in October 2022 , when just before the meeting ( while participants were literally in the melodic phrase traveling ) , the former chief operating officer keep out down that process without explanation . ”
WeWork , which was once valued at an oculus - watering $ 47 billion , filed for bankruptcylast November . The company at the time list over $ 18.6 billion of debt in what mark a stunning collapse for the once richly - flying startup that had bring up over $ 22 billion from investors such as SoftBank , BlackRock and Goldman Sachs . It had face up years of grapple with the fallout from a full stop of belligerent growth and world-wide expansion that result in a portfolio of many underperforming attribute .
When ask about Neumann ’s buyback endeavor , WeWork told TechCrunch today:“WeWork is an extraordinary company . As such , we have expressions of interest from international party on a even basis . We and our advisors always look back those coming with a view to acting in the best involvement of the party . We cover to think that the work we are presently doing — addressing our unsustainable rent expenses and restructuring our business — will ensure WeWork is good positioned as an independent , valuable , financially impregnable and sustainable company long into the future . ”
Meanwhile , Third Pointtold the Financial Timesthat it had held “ only preliminary conversation with Flow [ Neumann ’s property company ] and Adam Neumann about their ideas for WeWork , and has not made a consignment to enter in any dealing . ”
Notably , Neumann ’s raw venture Flow , a residential veridical estate of the realm outfit focused on rentals , is back by the likes of speculation firm Andreessen Horowitz ( a16z ) . In August 2022 , the investment firmwrote its largest individual check ever , at $ 350 million , to menstruate , so if Flow succeeds in its endeavor to buy WeWork , a16z would presumably become a shareholder in the company .
