Financial Daily Dose 10.22.2019 | Top Story: WeWork Bailout Would Cost Company $39 billion in Valuation

group of executives meeting in office

SoftBank’s plan to help bail out WeWork would mean not only a takeover by Masa Son’s crew but also “would slash the co-working company’s valuation to about $8 billion”—a staggering drop of nearly $40 billion. The plan would alleviate WeWork’s cash crunch via a $5 billion loan and an offer to buy more than $1 billion of stock from employees and existing investors – WSJ and Bloomberg and NYTimes

Another day, another setback for Boris Johnson in his effort to push lawmakers to accept his revised Brexit agreement. On Monday, House Speaker John Bercow ruled that Parliament could not proceed with Johnson’s desired vote, as the body had already considered the same measure on Saturday. Parliament will instead vote on the deal today – NYTimes and WSJ and Bloomberg

$260 million. That’s the amount that the 4 defendants agreed to pay two Ohio counties early yesterday morning to avoid the first federal opioid trial that was to begin hours later. The deal—a “combination of cash payouts and donations of addiction treatments”—could “become a model for a nationwide settlement of thousands of similar cases in state and federal courts” – NYTimes and WSJ and Marketplace and Law360

Many of the same defendants are also working on a framework for a global opioid settlement “worth nearly $50 billion cash and addiction treatments” that would release McKesson, AmerisourceBergen, Cardinal Health, Johnson & Johnson, and Teva “from a rapidly growing list of more than 2,300 lawsuits that they face in federal and state courts” – NYTimes and Bloomberg and Law360

UK food delivery company Just Eat has reportedly rejected a $6.3 billion takeover offer from Prosus, a major stakeholder in China’s Tencent Holdings, in favor of its existing deal with Dutch food-delivery rival – WSJ

Wells Fargo’s new CEO, Charles Scharf, officially took the helm at the scandal-plagued bank yesterday after years at BNY Mellon and Visa. Most expect that the Jamie Dimon protégé will soon start making his mark with a reshuffling of executives and, after a bit of time for review, a new business strategy – WSJ

Meanwhile, UnderArmour will be welcoming its own new CEO on January 1, after founder Kevin Plank announced plans to step down in 2020. UA’s COO, Patrik Frisk, will assume the chief executive role, and Plank will stay on as board chair – Bloomberg and MarketWatch

America’s widening economic gap is making its way into the corporate world – WSJ

San Jose, the largest city served by Pacific Gas & Energy, is proposing a radical solution to its various woes—from planned blackouts to its current bankruptcy slog: turning “the company into the nation’s largest customer-owned utility.” The proposal “amounts to a revolt by some of the utility’s roughly 16 million customers” – WSJ

Zuck’s on the Hill this week pushing the acceptability of his Libra crypto plan before Congress. And he’s not the only one from Facebook world in D.C. putting in some time there – NYTimes

Last night, the wizards at Disney and Lucasfilm dropped the final trailer for “Star Wars: The Rise of Skywalker”—the last movie in the 9-part epic that will debut this Christmas.  I mean, we have to check it out, right? – io9