An investor group led by Adam Neumann, WeWork’s former chief executive, has appealed to a bankruptcy court seeking an intervention in a bid to buy back the company Neumann co-founded in 2010.

In their first such filing, made late Monday, Neumann, his family office Nazare Asset Management and his new real estate firm Flow, said WeWork has "rebuffed" Flow’s attempt to buy the New York flexible workplace company and refused to allow Flow to conduct due diligence and assist in other attempts to “engage constructively.”

Flow, working with other partners, recently indicated an offer to buy WeWork for more than $500 million.

Flow made “yet another transaction proposal” to WeWork on March 11, including a detailed signed term sheet and an offer to provide incremental debtor in possession financing, it said in the court filing. Flow’s attorney, Alex Spiro, recently told CoStar News the firm “and its financial partners are prepared to offer 10% more than any other offer that WeWork has received with a timeline to complete diligence in just two weeks.”

“Despite these efforts, [WeWork has] rebuffed the Flow Group — often without any explanation — at every turn,” according to the court document. WeWork has “consistently refused to provide any information to the Flow Group that it can use to further develop and refine its proposal. … Judicial intervention is necessary.”

Flow asked the court to host a conference at the “earliest opportunity when all interested parties may be heard” on Monday morning, when there’s already a major hearing scheduled tied to WeWork’s Chapter 11 bankruptcy case. WeWork has said it plans to emerge from bankruptcy protection by the end of May.

Neumann’s attempt to buy back WeWork comes as WeWork has reached out to stakeholders including majority shareholder SoftBank as well as 30 other financial institutions for additional financing with WeWork saying in a filing Friday that it’s close to a deal with its “consenting stakeholders.” Besides SoftBank, they include a group whose members include asset manager BlackRock and a third-party investor going by the name of Cupar Grimmond.

WeWork’s official committee of unsecured creditors, which includes landlords, and a separate group of noteholders, have also argued in separate filings that WeWork should entertain or hear the proposals from Neumann’s Flow.

WeWork should “be entertaining the third-party proposal,” Kristopher Hansen, a lawyer for law firm Paul Hastings that represents the committee of unsecured creditors, said in a court hearing Tuesday. “What we heard repeatedly [was] that there would be a need for post-petition new financing. It’s expressed more urgently than the last time we were here. That still hasn’t arrived. … The bottom line is there’s no deal today.”

A WeWork spokesperson declined to comment beyond saying the company is working on revamping its real estate portfolio, which is expected to result in the "elimination of over $8 billion in total future rent commitments."

Ciara Foster, an attorney for Kirkland & Ellis representing WeWork, said in the court hearing Tuesday that WeWork is close to a deal with its consenting stakeholders, adding that any path forward would require it to work with them.

“SoftBank is critical to the deal,” she said.

WeWork, the company that filed for bankruptcy after years of signing expensive leases at the cost of profit under Neumann, projected in a separate filing late Monday that it will turn profitable next year after emerging from bankruptcy protection. The company has been renegotiating leases with landlords to cut its lease burden, the biggest challenge to WeWork becoming profitable. In its last public quarterly earnings report, leasing costs took up about three-quarters of its revenue.

WeWork is expected to end this year with 335 locations and 297,319 members and occupancy rate of 76%. By the end of 2028, it expects occupancy rate to rise to 85%.

However, in the event that WeWork ends up having to liquidate, it has administrative claims, including rents it owes to landlords, of about $443 million, the filing shows. WeWork has no intention of liquidating, the spokesperson said.

The $443 million in “administrative expenses is real,” Judge John Sherwood, who presides over WeWork’s bankruptcy case, said at the hearing Tuesday, adding if the number gets bigger it will affect WeWork having a “viable” future.

"That’s not just professional fees," Ivan Gold, an attorney representing WeWork's various landlords, said at the hearing, referring to the claims as a "$443 million administrative albatross."

WeWork is a tenant in a Virginia building CoStar acquired earlier this year, making CoStar a creditor in the case.