Adam Neumann Wants Judge to Aid His Takeover of WeWork

WeWork founder Adam Neumann has filed a motion with a U.S. bankruptcy court, requesting the judge to assist his efforts to reclaim the co-working business. Neumann alleges that WeWork’s management has declined to engage in negotiations and is attempting to use the bankruptcy case to facilitate a predetermined transaction with preferred purchasers. Neumann’s new real estate venture, Flow Global, has offered over $500 million to acquire WeWork out of bankruptcy. However, WeWork has not responded to their inquiries. Neumann argues that WeWork’s refusal to engage with Flow contradicts their obligation under bankruptcy law to maximize shareholder value. The court is now determining whether to compel WeWork management to provide Flow Global with access to due diligence information. WeWork has stated that it remains receptive to discussions with potential buyers but has not commented on Neumann’s bid.

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