Daniel Loeb is playing down his role and that of his hedge fund in helping Adam Neumann buy back WeWork just over four years after his ouster from the now-bankrupt office-sharing company. The latest twist in the WeWork
WEWKQ,
-56.67%
saga emerged Tuesday, with reports that Neumann and his real-estate company Flow were exploring an offer to buy WeWork, with the help of Loeb’s Third Point, according to a letter obtained by Bloomberg News and the New York Times.
But in a statement provided to MarketWatch, Third Point said that the hedge fund has had only preliminary conversations with Flow and Neumann “about their ideas for WeWork, and has not made a commitment to participate in any transaction.” Related: Adam Neumann is trying to bid for WeWork, reports say “I think they are taking a wait-and-see attitude,” Mark Indelicato, managing partner of Thompson Coburn’s New York office, and a member of the law firm’s financial restructuring and bankruptcy group, told MarketWatch. “They are waiting to see what the reaction will be.” Thompson Coburn has no involvement in Neumann’s attempt to buy back the company. Neumann, who was ousted as WeWork CEO in October 2019, could benefit from the hedge fund giant’s profile and reputation as he attempts to win back his former company, according to Cole Smead, CEO of Smead Capital Management, whose company has a position in WeWork rival IWG. “I think highly of Dan Loeb – I think [he] is a good man,” Smead told MarketWatch, pointing to Loeb’s charitable works. Third Point had approximately $10.5 billion assets under management as of November 2023. Related: Adam Neumann says WeWork ‘failed’ to seize opportunities, calls bankruptcy ‘disappointing’ After co-founding WeWork, Neumann loaded the company with debt while overseeing its meteoric cash-burning rise, which involved taking out long-term lease obligations that peaked near $50 billion in 2019. That same year, Neumann was ousted in the wake of a failed attempt to IPO at a valuation of $49 billion. With new …
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WEWKQ,
-56.67%
saga emerged Tuesday, with reports that Neumann and his real-estate company Flow were exploring an offer to buy WeWork, with the help of Loeb’s Third Point, according to a letter obtained by Bloomberg News and the New York Times.
But in a statement provided to MarketWatch, Third Point said that the hedge fund has had only preliminary conversations with Flow and Neumann “about their ideas for WeWork, and has not made a commitment to participate in any transaction.” Related: Adam Neumann is trying to bid for WeWork, reports say “I think they are taking a wait-and-see attitude,” Mark Indelicato, managing partner of Thompson Coburn’s New York office, and a member of the law firm’s financial restructuring and bankruptcy group, told MarketWatch. “They are waiting to see what the reaction will be.” Thompson Coburn has no involvement in Neumann’s attempt to buy back the company. Neumann, who was ousted as WeWork CEO in October 2019, could benefit from the hedge fund giant’s profile and reputation as he attempts to win back his former company, according to Cole Smead, CEO of Smead Capital Management, whose company has a position in WeWork rival IWG. “I think highly of Dan Loeb – I think [he] is a good man,” Smead told MarketWatch, pointing to Loeb’s charitable works. Third Point had approximately $10.5 billion assets under management as of November 2023. Related: Adam Neumann says WeWork ‘failed’ to seize opportunities, calls bankruptcy ‘disappointing’ After co-founding WeWork, Neumann loaded the company with debt while overseeing its meteoric cash-burning rise, which involved taking out long-term lease obligations that peaked near $50 billion in 2019. That same year, Neumann was ousted in the wake of a failed attempt to IPO at a valuation of $49 billion. With new …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]