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Its only “self dealing” when you haven’t granted yourself that right, if the organization type has a constraint from the government or if it doesnt then if the
by rolltiide 7y ago
Its only “self dealing” when you haven’t granted yourself that right, if the organization type has a constraint from the government or if it doesnt then if the organization type doesnt have bylaws specifically allowing you that right.
WeWork was structured by Adam to give himself that right my mere nature of unilateral control via consolidated ownership and voting rights.
Part of the grievance is that his “self enrichment” torpedoed the IPO, which is not part of reality which is that employees and “minority shareholders” were sold and bought a dream that the market was laughing at the whole time.
WeWork’s structure was always rat infested with a valuation nobody would accept. These payments wouldnt have changed that, its debt load, burn rate and subsidiary structure was the problem.
This case has no merit and that court is not the venue to air these grievances.
I think a more effective idea would be to push for exchanges like Nasdaq to reject listing companies with these share structure attributes.