NEW YORK (AP) 鈥� Adam Neumann, the co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over .
In a Monday letter obtained by The Associated Press, an attorney representing Neumann and Flow Global Holdings said that W eWork's former CEO had partnered up with capital sources like Dan Loeb鈥檚 Third Point and 鈥渟tands ready to submit a detailed proposal to purchase the Company or its assets."
Third Point, however, says it has not committed to such a purchase yet.
鈥淭hird Point has had only preliminary conversations with Flow and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction,鈥� the hedge fund said in a prepared statement, which was first shared with Tuesday.
WeWork filed for in November, just months after on its ability to stay in business 鈥� as the company pointed to increased member churn, financial losses and mounting needs to cut back on its real estate portfolio.
According to Monday's letter, written by attorney Alex Spiro, Neumann and his affiliates have been attempting to obtain information from WeWork necessary for a purchase offer since December but have been met with a 鈥渓ack of engagement鈥� from the company. They still do not have access.
These actions have jeopardized WeWork's ability to explore options outside of its restructuring agreement, the letter added, and 鈥渇ailed to maximize value for all stakeholders鈥� as a result.
In a statement sent to The AP Tuesday, a WeWork spokesperson said the New York-based company receives 鈥渆xpressions of interest from external parties on a regular basis鈥� and always reviews such approaches while aiming to act in WeWork's best interests.
鈥淲e continue to believe that the work we are currently doing 鈥� addressing our unsustainable rent expenses and restructuring our business 鈥� will ensure WeWork is best positioned as an independent, valuable, financially strong and sustainable company long into the future," the spokesperson added.
Attorneys for WeWork have recently signaled the need for more liquidity during bankruptcy proceedings, with the company notably withholding hefty rent payments to certain landlords as it attempts to renegotiate leases. In Monday court proceedings, lawyers for some landlords said this violates bankruptcy rules, and others reported.
Neumann founded WeWork with Miguel McKelvey back in 2010. In its early years, the startup promised to revolutionize workspaces and saw a meteoric rise 鈥� once reaching a valuation as high as $47 billion 鈥� but over time, WeWork鈥檚 operating expenses soared and the company relied on repeated cash infusions from private investors.
The company after its first attempt to do so two years earlier collapsed spectacularly. That debacle led to the ousting of Neumann, whose erratic behavior and exorbitant spending spooked early investors.
Japan鈥檚 SoftBank stepped in to , acquiring majority control over the company.
Neumann鈥檚 bid was first reported on by on Tuesday.
Wyatte Grantham-philips, The Associated Press
