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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.
"It is very possible that there will be attempts in the bankruptcy court to pierce corporate veils," Zauderer opined. "There are people who are going to be wiped out and will object."
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