Two judges have ruled that developer and real estate investor Joel Schreiber owes nearly $100M to entities affiliated with Starwood Capital Group and Goldman Sachs after they ruled he violated loan agreements.
Schreiber, who was WeWork’s first investor, put up 1.56 million shares worth approximately $90M in WeWork as collateral for a $20M loan from Goldman Sachs in 2019. But the investment bank discovered later that Schreiber had sold 300,000 of those shares, Goldman Sachs claimed in a suit, which was first reported by The Real Deal.
In addition to depleting the underlying collateral, Schreiber allegedly promised other assets that were worthless such as his stake in the…