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☆ US Supreme Court is again asked to block Illinois assault weapons ban
▼ + stars: | 2023-11-29 | by ( Andrew Chung | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

A man examines an AR-10 for sale at the Belle-Clair Fairgrounds & Expo Center Gun Show, after the state of Illinois passed its "assault weapons" ban into law, in Belleville, Illinois, U.S., January 14, 2023. The National Association for Gun Rights, Robert Bevis and his firearms store, Law Weapons & Supply, made the request after a lower court denied their bid for a preliminary injunction against the ban, as well as a similar ban enacted by another Chicago suburb, Naperville. The plaintiffs also asked the Supreme Court for an injunction at an earlier stage of the case, but were rebuffed in May. The Supreme Court, which has a 6-3 conservative majority, has taken an expansive view of the Second Amendment, broadening gun rights in three landmark rulings since 2008. In 2022, the court recognized a constitutional right to carry a handgun in public for self defense, striking down a New York state law.

Persons: Kate Munsch, Robert Bevis, Democratic Illinois Governor J.B, Pritzker, Bevis, Andrew Chung, Will Dunham Organizations: Belle, Clair Fairgrounds, REUTERS, Wednesday, U.S, Supreme, Democratic, National Association for Gun Rights, Weapons & Supply, Democratic Illinois Governor, AK, Circuit, Thomson Locations: Illinois, Belleville , Illinois, U.S, Highland Park, Chicago, Naperville, . Illinois, New York

☆ SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru

☆ SoftBank's WeWork, once most valuable U.S. startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Profitability has remained elusive, as WeWork grapples with its expensive leases and corporate clients cancelling because some employees work from home. In a filing with the New Jersey bankruptcy court, WeWork listed estimated assets and liabilities in the range of $10 billon to $50 billion. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: Kate Munsch, WeWork, Cadwalader, Taft, Adam Neumann, SoftBank, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur Organizations: REUTERS, SoftBank, New, JPMorgan Chase, Intelsat, Thomson Locations: San Francisco , California, U.S, Canada, New Jersey, Wickersham, WeWork, New York, Bengaluru

☆ Analysis: WeWork's troubles darken outlook for embattled office market
▼ + stars: | 2023-11-03 | by ( Sinead Cruise | ) www.reuters.com time to read: +6 min

Backed by Japan's SoftBank, WeWork aimed to revolutionise the office market by taking long leases on large properties and renting the space to multiple smaller businesses on more flexible, shorter arrangements. Some leveraged property investors could struggle to earn enough rental income to service rising debt costs, they said. The number and volume of real estate loans due for refinancing in 2024 is unclear because many deals are struck privately between borrower and lender, Ed Daubeney, co-head, debt and structured finance, EMEA, at real estate services firm Jones Lang LaSalle, told Reuters. U.S. industrial and office real estate investment trusts (REITs) were seen 35.8% more likely to default, versus expectations a year ago. "We're at a massive turning point in the real estate investment market globally," Jose Pellicer, head of real estate strategy at M&G Real Estate, said.

Persons: Kate Munsch, Japan's SoftBank, WeWork, Jeffrey Havsy, Ed Daubeney, Jones Lang LaSalle, Savills, refinancings, What's, MSCI, Jefferies, Jose Pellicer, Sinead Cruise, Elisa Martinuzzi, Mark Potter Organizations: REUTERS, Media, Real Estate, Reuters, Analysts, Europe, Flex, BNP, G, Thomson Locations: San Francisco , California, U.S, York, New York, London, United States, Europe, Britain, Germany, California

☆ WeWork's troubles darken outlook for embattled office market
▼ + stars: | 2023-11-03 | by ( Sinead Cruise | ) www.reuters.com time to read: +6 min

☆ WeWork plans to file for bankruptcy as early as next week, source says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/3] WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch Acquire Licensing RightsOct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

Persons: Kate Munsch, WeWork, Sandeep Mathrani, Anirban Sen, Manas Mishra, Manya, Shailesh Kuber, Anil D'Silva Organizations: REUTERS, SoftBank, Wall Street Journal, WSJ, Manya Saini, Thomson Locations: San Francisco , California, U.S, New York, New Jersey, Bengaluru

☆ US special counsel withdraws subpoena on Trump's political fundraising group -report
▼ + stars: | 2023-10-17 | by ( Kanishka Singh | Thomson Reuters | Kanishka Singh Is A Breaking News Reporter For Reuters In Washington Dc | ) www.reuters.com time to read: +2 min

Supporters of former U.S. President Donald Trump cheer for Rep. Lauren Boebert at the Save America Rally in Mendon, Illinois, U.S. June 25, 2022. Save America is a Trump group that is separate from his campaign but played a major role raising money to support him as the frontrunner for the 2024 Republican nomination. Trump, a Republican, founded Save America days after losing the 2020 election to President Joe Biden, a Democrat. Save America could not immediately be reached for comment. The federal indictment of Trump did not specifically refer to Save America.

Persons: Donald Trump, Lauren Boebert, Kate Munsch, Jack Smith, Smith, Trump, Joe Biden, Robert Mintz, Kanishka Singh, Richard Chang Organizations: Save, REUTERS, Rights, Washington Post, Trump, Republican, Democrat, U.S, Capitol, Save America, White, Thomson Locations: Mendon , Illinois, U.S, Washington, United States, New York, Georgia

☆ WeWork to withhold interest payment on some notes
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo Acquire Licensing RightsOct 2 (Reuters) - WeWork Inc (WE.N) on Monday said it had decided to withhold interest payments of about $95 million related to some of its notes, as it tries to improve its capital structure. The company has a 30-day grace period to make the interest payments before a non-payment can be considered an "event of default", WeWork said in a regulatory filing. The company has the liquidity to make the interest payments and may decide to pay "in the future", it added. The company withheld interest payments of about $37.3 million payable in cash and $57.9 million of payment-in-kind (PIK) notes, each payable on Monday.

Persons: Kate Munsch, SoftBank, WeWork, Shivansh, Maju Samuel Organizations: REUTERS, WeWork, New York Stock Exchange, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ NYSE suspends trading of WeWork warrants, to start delisting them
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. WeWork, which earlier this month warned about its ability to stay afloat, added that the company's common shares will continue to trade on the NYSE. WeWork had received a non-compliance notice from the NYSE in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. In its efforts to regain listing compliance, WeWork last week had said it would proceed with a one-for-forty reverse stock split. WeWork's shares have lost almost all its value since it went public with an equity value just shy of $9 billion in 2021.

Persons: Kate Munsch, WeWork, recoiled, Adam Neumann, Jaspreet Singh, Shailesh Organizations: REUTERS, New York Stock Exchange, NYSE, Thomson Locations: San Francisco , California, U.S, WeWork's, Bengaluru

☆ WeWork seeks to regain listing compliance with 1-for-40 reverse stock split
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Kate Munsch Acquire Licensing RightsAug 18 (Reuters) - WeWork (WE.N) said on Friday it would proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, in order to regain compliance with the New York Stock Exchange's listing norms. WeWork had received a non-compliance notice from the New York Stock Exchange in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. It had six months to regain compliance after receiving the notice. The reverse stock split, authorized by shareholders earlier, will help regain compliance with the $1.00 per share minimum closing price required for continued listing, WeWork said. The reverse stock split will be effective at market close on Sept. 1.

Persons: Kate Munsch, WeWork, Shivansh Tiwary, Krishna Chandra Organizations: REUTERS, New York Stock, New York Stock Exchange, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ Retail investors flock to penny stocks WeWork, Amyris, Proterra
▼ + stars: | 2023-08-11 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The three penny stocks, up in the range of 40% to 120%, were the most actively traded U.S. shares at 10:45 a.m. Amyris (AMRS.O) and WeWork (WE.N) were the second and third most traded stocks by retail investors, respectively, while Proterra (PTRA.O) was twelfth on the list at 10 a.m. Some of the latest speculative bets on the penny stocks were pinned on hopes of a merger and acquisition or a turnaround for the struggling businesses. Another set of retail traders are looking to capitalize on the volatility, especially by squeezing bearish investors on highly shorted stocks. Last week retail traders had piled into shares of Tupperware Brands (TUP.N) and trucking firm Yellow (YELL.O).

Persons: Kate Munsch, Amyris, Proterra, WeWork, Lucas Mantle, AJ Bell, Russ Mould, Matthew Tuttle, Medha Singh, Shounak Dasgupta Organizations: REUTERS, U.S, Biotech, Vanda Research, Hertz, Tuttle Capital Management, Tupperware Brands, Thomson Locations: San Francisco , California, U.S, Bengaluru

AR-10s for sale at the Belle-Clair Fairgrounds & Expo Center Gun Show, after the state of Illinois passed its "assault weapons" ban into law, in Belleville, Illinois, U.S., January 14, 2023. The state's high court in a 4-3 vote rejected arguments by a group of plaintiffs led by a Republican state Representative Dan Caulkins, that the ban violated the Illinois Constitution by not applying the law equally to all citizens. The plaintiffs also argued the law violated the right to keep and bear arms under the U.S. Constitution's Second Amendment. That Second Amendment argument is central to separate ongoing federal lawsuits also challenging Illinois' law. Reporting by Nate Raymond in Boston; Editing by Jonathan Oatis and Alexia GaramfalviOur Standards: The Thomson Reuters Trust Principles.

Persons: Kate Munsch, Dan Caulkins, Democratic Illinois Governor J.B, Pritzker, Elizabeth Rochford, Rochford, Lisa Holder White, David Overstreet, Mary Kay O’Brien, Nate Raymond, Jonathan Oatis, Alexia Garamfalvi Organizations: Belle, Clair Fairgrounds, REUTERS, Democratic, Republican, Democratic Illinois Governor, Protect, AK, U.S, Supreme, Thomson Locations: Illinois, Belleville , Illinois, U.S, Highland Park, Protect Illinois, New York, Boston

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