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I appreciate that MoFo just cold put this explanation in their public deck.
tl;dr public investors “tend not to” understand this tax structure, so they pay the historic equityholders for value that, as public investors, they can never reach.
tl;dr public investors “tend not to” understand this tax structure, so they pay the historic equityholders for value that, as public investors, they can never reach.
The WeWork S-1, surprisingly, says that they’re not going to be pulling this fairly common fast one—“no (historic equityholder) is entitled to a tax receivable payment... in respect of tax attributes that may accrue to us...” sec.gov/Archives/edgar…
