Adam Neumann wants to be in charge of WeWork Inc. (OTCPK: WEWKQ) once again.

The controversial entrepreneur founded the New York-based office space purveyor in 2010. Today, the company is currently navigating bankruptcy proceedings.

Neumann — pressured to step down as CEO in 2019 — is now collaborating with investors to acquire WeWork out of Chapter 11. Among the firms taking part in the effort is Dan Loeb‘s Third Point.

This initiative was revealed through a letter to WeWork’s legal team obtained by Bloomberg News. It marks a significant turn in the saga of the co-working pioneer’s financial struggles.

The company in its heyday was once valued at $50 billion. Current valuations suggest it may have plummeted to as low as $500 million.

Neumann and Third Point have sought details from WeWork since December to craft a comprehensive offer, focusing recently on assembling a bankruptcy financing package for the company. The potential bid, aiming to secure either the entire company or its significant assets, emerges without disclosed financial terms.

In 2019, Neumann exited the company amidst controversy, securing a substantial exit package that made him a billionaire.

WeWork’s journey through bankruptcy has led to a restructuring plan favoring the company's senior creditors, potentially leaving lower-tier bondholders and unsecured creditors with significant losses. The plan outlines a transfer of ownership to holders of the company's credit line, first-lien, and second-lien notes.

WeWork’s financial troubles stemmed from inherent flaws in its business model, which involved committing to long-term leases with landlords and subleasing desks and offices to businesses and individuals on a short-term basis. Additionally, the company’s diversification strategies failed to contribute value, further compounded by poor management.

On CNBC's “Squawk Box,” Andrew Ross Sorkin discussed Neumann’s new ambition to buy WeWork.

WeWork’s outstanding debt is approximately $4 billion, setting a complex stage for any potential acquisition. The bankruptcy process has spotlighted the need for renegotiating landlord agreements and securing fresh capital. But no evident suitors stepped forward until now.

SoftBank, the major creditor, remains a pivotal figure in WeWork’s financial landscape.

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