What is We!? Understanding the WeWork IPO

American political discourse undoubtedly peaked in 1952 when a Mississippi legislator with the wonderfully Dickensian name Noah “Soggy” Sweat, delivered the “If-By-Whiskey” speech. Reading the WeWork S-1, it kept coming to mind.

If by WeWork you mean the capital inferno; the overhyped infernal machine that will only get shareholder funds for as long as Vision Fund I needs to show a high enough IRR to close Vision Fund II; the bizarre multidimensional Flying Spaghetti Monster of nested C-Corps, LLCs, and LPs, all rife for abuse by its controlling shareholder…