WeWork’s Rescue Wasn’t Real – Bloomberg

Anyway, a little after 5 p.m. on Friday, Nov. 3, when WeWork Inc. was sliding into bankruptcy but not quite bankrupt yet (it filed on Monday, Nov. 6), a very fun press release came out on Business Wire. A sample:

“A Proposal by Cole Capital Funds Seeks to Acquire 51% of all minority ownership shares of WeWork, Inc. for $9.00 per share in Cash

Cole Capital Funds sent the following letter to the Board of Directors of WeWork, Inc.

We believe that it is in the best interest of WeWork to support our acquisition of 51% of all the outstanding shares owned by minority shareholders at a price of $9.00 per share and provide Cole with proper representation on the company board.

We have consulted with God, legal, financial and other advisors to assist us with this transaction. We stand ready to proceed timely.”

See, when I was an M&A lawyer, I wrote a lot of press releases that were a bit like this, but in exactly none of them did I write “We have consulted with God.” Not standard in high-stakes public-company M&A. But in fantasy M&A, you can consult with whomever you want! Have fun! That’s why you’re doing it, for fun!

Source: WeWork’s Rescue Wasn’t Real – Bloomberg