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WeWork board heads for showdown

Rival factions on the WeWork board are heading for a showdown over who can claim to represent the company, after a court cleared the SoftBank-backed co-working group to appoint two new directors, the Financial Times reported. WeWork told a Delaware court that a board meeting this Friday would vote on appointing Alex Dimitrief, former general counsel of General Electric, and Frederick Arnold, the former chief financial officer of Convergex, to fill its two empty board seats. 

  • Backdrop: The legal dispute between the two board factions centers on SoftBank’s failure to follow through with a $3 billion offer to buy shares from WeWork’s early investors, including co-founder and former chief executive Adam Neumann. The court has set a trial date of January 11.
  • On the homefront: Tech giant IBM is vacating its nearly 70,000 square foot at WeWork’s 88 University Place in Union Square. [FT+CO]

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