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Online Extra: WeWork Creditors Likely to Attempt to Pierce Corporate Veil In Bankruptcy Court
WeWork's Chapter 11 bankruptcy has stayed a Manhattan Commercial Division decision allowing plaintiffs to dig around in 11 years of the tanked company's finances — but observers say it's likely creditors will now try to pierce the corporate veil in the bankruptcy proceeding.
Mark Zauderer, a partner at Dorf Nelson & Zauderer, said the "pre-packaged" deal already negotiated between WeWork and major creditor Softbank means other creditors could look to recoup losses in the new forum.
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