Adam Neumann, the former chief executive and co-founder of WeWork, is trying to regain control of the bankrupt co-working company less than five years after the board forced him out, WSJ Pro Bankruptcy reported. On Monday, Neumann’s lawyers sent a letter to WeWork’s advisers saying that he is partnering with Dan Loeb’s Third Point hedge-fund firm and other investors in exploring a bid for the company. That effort is already facing challenges. Some WeWork creditors have signaled they are ready to sell the firm after it exits chapter 11, according to people familiar with the matter. But WeWork executives have been cool to Neumann’s interest. They have shut him out from information he would need to submit a bid for the company since he initially approached WeWork in December, according to Neumann’s letter that was reviewed by The Wall Street Journal. It also isn’t clear how committed Third Point is to working with Neumann on a WeWork acquisition. A Third Point spokeswoman said the hedge fund “has not made a commitment to participate in any transaction” and had “only preliminary conversations” with Flow Global, Neumann’s real-estate company. WeWork lawyers said on Monday that the company is running short on cash and needs more money to get through its costly chapter 11 cases. In Neumann’s letter to WeWork, he said the current financial crunch was caused by the management’s lack of ability to “explore alternatives” for financial support.
