'For all you killjoys and Cassandras looking for the apocalyptic end to Silicon Valley’s 'unicorn' craze, WeWork is beginning to look like a godsend.' From columnist hiltzikm:
Few things prove the ancient warning “Be careful what you wish for” like a Wall Street sure thing that blows itself to smithereens.
Over the last few years, WeWork leased four properties from Neumann to use for its subleases. Neumann leased three of these properties to his own company on the very day he acquired them, and the fourth within a year after he acquired it. WeWork has paid Neumann a total of $20.9 million for the properties thus far, although it has received “tenant improvement reimbursements” of $11.6 million from him in return. But WeWork still owes Neumann an amazing $236.
In June 2016, WeWork made another $7 million loan to Neumann at 0.64% annual interest; he repaid the loan in full, including $100,000 in interest, in November 2017. These were deeply under-market interest rates in a period when the prime rate — typically charged to a bank’s most creditworthy customers, ranged from 3.25% to 3.5%.
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