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US News Ex-WeWork CEO: This is why Adam Neumann did not receive the full transfer fee of 185 million US dollars.

05:05  28 october  2020
05:05  28 october  2020 Source:   finanzen.net

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WeWork and its primary backer, SoftBank Group Corp., paid Adam Neumann only a portion of the $ 185 million fee that was part of his controversial exit package as chief executive officer , a person familiar with the transaction said. The fee was tied to a noncompete agreement for Neumann , said

WeWork Executive Chairman Marcelo Claure said that Neumann didn't walk away with the over billion package that was estimated. SoftBank was to pay him up to 0 million for his shares, a $ 185 million consulting fee and was to offer him 0 million in credit to help repay his loans.

After managing director Adam Neumann left WeWork, there was now a legal dispute over the amount of the agreed transfer payment. Which deal plays a role and how much money is really involved.

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• Ex-WeWork CEO Adam Neumann receives only part of the transfer fee of 185 million US dollars • The payment of further parts of the transfer fee depends on the conclusion of an agreement to acquire WeWork -Shares from Neumann and other shareholders from • Legal dispute about transfer fee and share transaction continues

Inside information

After the controversial exit of the now former managing director Adam Neumann from the US real estate company WeWork , this is now through the company and its most important Funders, the Softbank -Group, only paid part of the transfer fee of 185 million US dollars - according to analysts at the financial news agency Bloomberg. Further proportions of the Neumann payouts will depend on the buyback of shares by the company von Neumann and other shareholders, as an anonymous insider told Bloomberg. Softbank, however, distanced itself from any agreements of this nature by withdrawing from the stock transaction - another point of contention in the WeWork versus Neumann litigation.

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Ex - WeWork CEO Adam Neumann could receive a $ 185 million payout to walk away from the chairman WeWork's former CEO , Adam Neumann , has In addition to a $ 185 million consulting fee , Neumann 's parachute includes billion for his shares in the company and a 0 million credit

Former WeWork CEO Adam Neumann will get up to .7 billion to walk away from the company and give up his voting rights, according to people familiar with the matter. SoftBank will pay Neumann up to 0 million for his shares, a $ 185 million consulting fee and will offer him 0 million in credit to

Exact transfer fee is not known.

The focus of attention was the status of the Neumann exit package during a survey of WeWork CEO and Softbank employee Marcelo Claure at a technology conference of the Wall Street Journal. According to the Los Angeles Times, the latter cited the ongoing lawsuit when it came to further information regarding the transfer fee and other stock transactions, but stated that the original sum of $ 185 million would not be paid out. According to the L.A. Times, there were no statements from other Softbank or WeWork representatives.

The real deal

According to the American technology portal The Verge, the 185 million US dollars that were to be paid out to the ex-WeWork CEO were only part of a much larger deal. This is said to have included the option of a $ 1.5 billion stock and bond sale that was planned as part of the Softbank rescue package for the co-startup last fall - a decision that is like the salt in the wounds of many WeWork -Employees felt as they watched the company's listing burst, causing losses that cost numerous jobs.

The legal dispute over the Neumann transfer fee and share transactions is currently ongoing, according to Bloomberg. The focus is on the withdrawal of a 3 billion US dollar offer that Softbank had made to Neumann. The ex-WeWork CEO should get the chance to sell shares to Softbank - the deal apparently fell through at the last minute. Inna Warkus / Finanzen.net Editor

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