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Co-working company We Co.—better known as WeWork—is, to put it mildly, in over its head. But it won’t be alone in reaping what it sowed. Real estate group Embassy Group could prove to be collateral.

But let’s back up a bit.

On 14 August, We Co., looking to raise $3 billion from an IPO to fuel growth, made a pre-IPO filing in the US stock market. The filing laid bare the company’s innards—and it wasn’t pretty.

The valuation it would get for the business fell from $47 billion to $10-15 billion in a matter of four weeks.