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Notes from Underground - We Work so you don't have to

By Darren Atwater | Sunday 18 August 2019



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


The story that I have been returning to this week is this one, about the US IPO of coworking company, We Work. It is completely bonkers.

From how the company needed to pay $5.9 million to secure the rights of their new corporate name (We Company) from a company owned by the founders, to how the company is loaning money to the founder to buy the properties from which the company now leases. And, get this, if the CEO dies, his estate will choose the new CEO. 

 It's a cracking read and not at all evidence of the end of late-term capitalism. 

* * * 
 
Last week, if one excludes the latest fantastic issue of ShareProphets Radio, I note that seven out of the top 10 article involved Burford. So who had the most read non-Tom article thiis week? Me, with Notes from Underground - Burford runs the length of the leaderboard  at a terrific number three, or number 9 if you include Bearcasts. 
 
* * *

Our top 10 most-read stories this week were:

  1. Breaking: We publish the Gotham City Dossier on Burford - it is a damp squib
  2. Carson Block & Muddy Waters hit back at Burford - the rebuttal of the rebuttal appears compelling (and we publish in full)
  3. Notes from Underground - Burford runs the length of the leaderboard
  4. Burford & Napo - the critical timeline Muddy Waters did not provide
  5. Five Slam-Dunk sells for 2019 – August update
  6. Burford – Muddy Waters was wrong about joke corporate governance……so we’re changing it, and MW’s response
  7. Reader Post of the week: Burford and that other Napo case - this reads badly for the AIM company
  8. Matt Earl Tweet, who is a very funny bear then?
  9. Muddy Waters new dossier: ex CIA spooks called in to show Burford (BUR) is, allegedly, misdleading investors
  10. Lucian Miers' thoughts on the Burford fiasco

The most-listened to Bearcasts this week were:

  1. Tom Winnifrith Bearcast: Diversified Gas & Oil just smells all wrong
  2. Tom Winnifrith Bearcast: the PR bird for Seedr tries to bully the wrong sort of journalist into printing falsehoods
  3. Tom Winnifrith Bearcast: Time to fecking panic? If you hold shite yes! Time to write to Burford's Nomad, AIM Regulation etc
  4. Tom Winnifrith Bearcast: Cough, cough but at least I enjoy radio silence from the spiv Lucian Miers
  5. Tom Winnifrith Bearcast: defending poor Luke Johnson from some dim trolls and I do not care that RNS has a woman in charge it changes nothing
  6. Tom Winnifrith Bearcast: Sajid Javid = unprincipled tosser on house prices & the gating date for Woodford's Income Focus Fund


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