WeWork strikes deal to exit bankruptcy, without Adam Neumann

• Neumann's $650 million buyback offer was via Flow, an apartment rental startup he launched with big backing from Andreessen Horowitz.

Deal details: Yardi Systems, a property management software provider and WeWork service partner, would become the company's new majority owner with around a 60% stake.

• Longtime WeWork backer SoftBank also is involved in the deal, which would eliminate WeWork's $4 billion in debt.

The bottom line: The bankruptcy court judge told Neumann's attorneys that his effort was largely irrelevant if he wasn't first willing to pay off the $4 billion debt load.