CEO Masayoshi Son told the executive he tasked to turn around WeWork after its botched initial public offering to"use whatever excuse" to delay a $3 billion payout to the office-sharing startup's shareholders, a court transcript released on Wednesday showed.The transcript, part of a Delaware court filing, provides new details on the decision by SoftBank to scrap a $3 billion tender offer to repurchase stock from existing shareholders, including founder Adam Neumann and employees.
Claure told Son that SoftBank Group Tokyo had “made a late request” to delay the tender offer payment until April 1, 2020 from Feb. 28, 2020. The court filing was made by Neumann and We Holdings LLC in an effort to compel SoftBank to produce documents they claim had been improperly withheld. SoftBank’s decision frustrated WeWork shareholders expecting a payout. Neumann, who was replaced as WeWork CEO last year, was to have sold the bulk of the shares.
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It's going to be losing monies anyway to Softbank!
They knew it's losing monies if they bought!
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