WeWork filed for Chapter 11 Monday
WeWork Inc., which filed for bankruptcy Monday, attracted meme stock-style attention even with its Chapter 11 looming large on the horizon.
Even with WeWork’s bankruptcy imminent, the stock was attracting attention, @MichaelCrush73 tweeted Tuesday. “A day before $WE got delisted, people were bidding this up 5%,” @MichaelCrush73 wrote. “It goes without saying that no one should ever buy a stock that is rumored to be headed to bankruptcy.”Nonetheless, some investors have an attraction for bankrupt companies, as evidenced by the surge in Bed Bath & Beyond Inc.
Howard Ehrenberg, bankruptcy and reorganization practice partner at law firm Greenspoon Marder described WeWork’s situation as “quite a mess” in a statement sent to MarketWatch last week. “It’s hard to envision how they can recover from this, perhaps they’ll re-emerge as a much smaller company,” he added.
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