The unthinkable for SoftBank is either a poorly received - despite massive markdowns - offering or possibly even worse, a busted IPO along the lines of BATS or Wilt Chamberlain Restaurants, complete with rescission offer and all the expenses and shame that entails.
And, for WeWork, in the person of CEO Adam Neumann, the unthinkable is giving up any levers of control without getting paid for same.
Keep in mind, Neumann is the guy who purchased the "We" name for We Holdings LLC, and then sold it to the company it for $5.9 million.
Speaking of which, has anybody been to the U.S. Patent and Trademark office to register WeWoke™?
Ah, TESS says no, so here's first use:
Climateer Group - A WeWoke™ Company
note - CamelCase.
Now, to sell something with the mark on it to establish "first use in commerce" and away we go.
Meanwhile, here's Bloomberg:
WeWork is considering major changes to governance to assuage investor concerns ahead of an initial public offering this month that’s even given pause to some of its own bankers, according to people with knowledge of the situation.
Both of its lead financial advisers -- JPMorgan Chase & Co. and Goldman Sachs Group Inc. -- have concerns about proceeding with an IPO that could value the company as low as $15 billion, the people said, asking not to be identified because the talks are confidential. That’s set off a push to make the public sale more palatable to potential investors with governance reforms.
Any decision ultimately rests with the venture’s co-founder and chief executive officer, Adam Neumann, who maintains voting control through a three-class share structure and has been an adamant proponent of the IPO, the people said.The stakes are high for the money-losing venture and backers including SoftBank, its largest investor, which added to its stake in January at a $47 billion valuation. WeWork needs to raise at least $3 billion through an IPO to tap into an additional $6 billion credit line that bankers have been setting up in recent weeks. The facility requires the company to carry out its offering by Dec. 31, one of the people said.The goal is to conclude a roadshow and price the offering before Rosh Hashana, one of the people said, effectively setting a deadline of Sept. 27. Getting it done beforehand would allow Neumann, 40, to avoid using technology and observe the holiday in compliance with Jewish orthodoxy. The company could also have to compete for investor interest with home-fitness startup Peloton Interactive Inc., which is set to kick off its roadshow, also being led by Goldman Sachs and JPMorgan.It’s unclear what changes WeWork may make to its governance to improve interest in its IPO. The company already has taken some steps, such as adding a woman to its board and having Neumann return $5.9 million of partnership interests initially granted to him as compensation for trademarks used in a rebranding. Yet its prospectus last month raised a variety of other concerns. Among them: The company paid Neumann rent and lent him money. There’s also his voting rights over major decisions.A spokesman for WeWork declined to comment....
....MUCH MORE
