What's so structurally fascinating, in a very morbid way, is the difference between the balance sheets of the most heavily-funded late stage companies.<p>I have an opinion but regardless of it, if a no-asset/no-liability company is losing money and the music stops, they can cut costs and survive. It's messy but it happens.<p>WeWork is a completely different beast. It's occupancy costs + G&A are 105% of revenue. If it can't sustain its losses with free flowing capital it can't cut long-term liabilities as easily as headcount and perks (again, this is morbid), so its only option would be bankruptcy.<p>So in this case it would seem that the most rational way to invest in it, if you absolutely had to, would be in its debt. I have to assume, though, given this ridiculous structure, that the opco would be shielded.<p>Man, we can't predict the future but it's pretty clear that if something <i>does</i> go wrong, it would be an AIG-level mess to unwind the complexities.