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This story initially appeared on Business Insider.
WeWork cofounder Adam Neumann is exploring a proposal to purchase the now-bankrupt firm, The New York Occasions’ DealBook first reported.
DealBook revealed a letter despatched to WeWork’s legal professionals by Alex Spiro, an lawyer who has additionally represented Elon Musk.
The letter says Neumann’s new real-estate company, Flow Global, is partnering with capital suppliers together with Dan Loeb’s Third Level.
Neumann has met with WeWork a number of instances since December to debate shopping for it or its property or offering it with financing, per the letter.
The letter says that features a formal proposal for a $200 million debtor-in-possession settlement.
It additionally accuses WeWork of failing to correctly have interaction with Neumann’s makes an attempt to purchase again the corporate by not offering requested data.
WeWork, as soon as valued at $47 billion, filed for chapter final November. Its downfall started when making ready for its preliminary public providing in 2019, and Neumann stepped down as CEO, together with his eccentric administration model having got here below hearth.
The potential of him coming again on board bears similarity to Steve Jobs’ revival at the helm of Apple.
Jobs resigned in 1985 to start out one other firm, NeXT, which was in flip purchased by Apple 11 years later for $429 million.
He then joined then-Apple CEO Gil Amelio on stage at January 1997’s Macworld Expo as a keynote speaker. Jobs formally returned as CEO in September of that yr after Amelio’s ouster, main the corporate via improvements just like the creation of the iPhone, earlier than stepping down in January 2011, 10 months earlier than his loss of life.
In a press release shared with Enterprise Insider, a WeWork spokesperson mentioned: “WeWork is a unprecedented firm. As such, we obtain expressions of curiosity from exterior events regularly. We and our advisors at all times evaluate these approaches with a view to performing in the very best pursuits of the corporate.”
“We proceed to imagine that the work we’re presently doing — addressing our unsustainable hire bills and restructuring our enterprise — will guarantee WeWork is finest positioned as an unbiased, worthwhile, financially sturdy and sustainable firm lengthy into the longer term,” they added.
Representatives for Neumann didn’t instantly reply to a request for remark.
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