WeWork’s first investor used his stock as collateral. Now his lenders are suing him
Joel Schreiber (Credit: Shir Stein and Wikipedia)
WeWork’s first investor, who pledged his stock in the company as collateral on loans, is being accused of short-changing his lenders.
Joel Schreiber, a landlord whose firm Waterbridge Capital owns a vast portfolio of buildings in New York, used his stake in WeWork and properties he owned to back loans totalling almost $3.3 million, which he later defaulted on, according to two lawsuits filed Thursday.
One plaintiff, Vikram Kuriyan, says that he provided Schreiber with five loans totalling $750,000 for real estate and business uses and is yet to receive payment for those loans. The complaint states that Kuriyan agreed to most of the loans with verbal “handshake” agreements, and continued to issue more loans to Schreiber even after he de ...