Jason Sanjana and Kevin Eckhardt open with the kind of week that makes “crisis” sound quaint. First Brands’ auto parts empire gets gutted by a refinancing gone sideways, two billion dollars missing, and more double-pledged inventory than a payday loan strip mall. With founder Patrick James shown the door and CRO Charles Morris dragged off the bench (01:58), the pair dissect how nine billion in creditor claims is chasing what might be a three billion dollar business, and what “small f fraud” actually means when the court is holding the shovel.

At (02:37), special guest Jared Muroff, Head of Special Situations at Octus, walks through the knife fight between creditors and the strange mechanics of tracing fugitive proceeds through webs of SPVs and offshore accounts. Is this the tip of the loose credit iceberg or just another spectacular bankruptcy flameout?

Then, because the universe loves its little jokes, we pivot (19:38) to Publishers Clearing House, where “lifetime” sweepstakes winners just discovered their prize was a front row seat in the unsecured creditors section. Balloon arches, seven figure dreams, and a lawsuit dripping with irony. They even debate (20:46) whether it is reasonable to expect the newly bankrupt to have diligenced a sweepstakes capital structure. Your call.

The Bankruptcy Boys update (28:33) blazes through Stoli and Kentucky Owl’s whiskey for debt gambit, the Seaquarium’s tanked lease, and that rare bourbon brand comeback story: Uncle Nearest, in receivership but actually recovering (34:59).

At (35:31) comes this week’s Unofficial Sponsor, Starbucks Workers United. Jason and Kevin take a walk down memory lane to their high school jobs before closing (39:15) with Paul Thomas Anderson’s One Battle After Another. Set in a dystopian, painfully recognizable America, the film throws leftist nostalgia and right wing cosplay into a blender and serves it with a side of despair and dry humor. Leonardo DiCaprio stumbles through as Bob Ferguson, a burnout chasing the ghost of activism past, while his daughter Willa inherits both the fight and the wreckage. Benicio Del Toro glides in as Sensei Sergio, the only character who seems genuinely aware that humanity is actually on the line, not just performing for the timeline.

----more----

Hosted by Jason Sanjana & Kevin Eckhardt

Jason Sanjana and Kevin Eckhardt open with the collapse of First Brands (02:26), the autoparts empire that ran on borrowed cash until the music stopped. Once a $6 billion capital structure with 20 acquisitions since 2018, the company unraveled after a failed refinancing, a missing quality-of-earnings report, and an expensive dependence on factoring. Skylar Chen, Senior Reporter at Octus, joins (04:40) to explain how a billion dollars in liquidity vanished in weeks and why a traditional manufacturer ended up looking more like a shadow bank.

The conversation turns to Argentina (14:13) and President Javier Milei’s $20 billion lifeline from the U.S. Treasury. Markets cheer, protesters riot, and soybeans quietly switch buyers from Iowa to Shanghai. Jason and Kevin debate whether this is financial genius or bailout theater and unpack how hedge funds, swap lines, and soy taxes became foreign policy.

At (24:40) the Kawhi Leonard Update Corner returns with the latest from the Aspiration bankruptcy. Kawhi denies the “no-show” contract claims, the NBA hires Wachtell Lipton to investigate, and the bankruptcy trustee circles a $28 million endorsement that looks less like marketing and more like compensation.

The week’s Unofficial Sponsor arrives (33:29) as the Federal Government of the United States, proudly closed for business but still billing interest. Jason and Kevin break down how a government shutdown manages to stall everything except debt.

The episode closes with Slow Horses (36:31) on Apple TV, the British spy series that turns bureaucratic failure into performance art. Jason and Kevin explore why the show’s cast of MI5 rejects feels like the perfect metaphor for modern institutions, broken, brilliant, and somehow still functioning when everything else has fallen apart.

----more----

Hosted by Jason Sanjana & Kevin Eckhardt

Jason Sanjana and Kevin Eckhardt open in Dallas with the collapse of Tricolor Auto Group (02:58). Once a major subprime auto lender and used car chain catering to Hispanic communities across the Southwest, Tricolor filed Chapter 7 overnight, shuttering 65 dealerships. Allegations of double-pledged collateral, warehouse loan defaults, and immigration policy headwinds turned a growth story into a sudden liquidation, raising questions about broader risks in the $1.6 trillion U.S. auto loan market.

From there (17:44) the spotlight shifts to QVC. Once the late-night shopping staple, the company now leans on TikTok influencers while battling tariffs, cord-cutting, and a billion-dollar deferred tax liability. Simran Bal, Senior Credit Analyst at Octus, joins to explain how prepaid executive bonuses, maxed-out revolvers, and Liberty’s convoluted capital structure signal a likely restructuring — and why TikTok “live selling” may be QVC’s last real lifeline.

The Kawhi Leonard update begins (38:24). At a Chapter 7 creditors’ meeting, CTN Holdings’ former CRO claimed he had “no knowledge” of Leonard’s $28 million contract with the bankrupt tree-planting startup. With the NBA investigating and the trustee probing potential fraudulent transfers, questions swirl about whether management concealed material contracts or whether the bankruptcy process itself failed.

The culture close starts (47:58) with Netflix’s Unknown Number. The documentary exposes a cyberbullying scandal where a mother secretly tormented her own daughter with thousands of lurid text messages. Jason and Kevin unpack the failures of law enforcement, the moral panic around social media, and why sometimes the adults are the real villains.

The episode wraps (56:50) with reflections on how collapsing cars, collapsing cables, and collapsing caller ID all point to the same theme: shaky credit, shaky institutions, and shaky trust.

----more----

Hosted by Jason Sanjana and Kevin Eckhardt

Jason Sanjana and Kevin Eckhardt open in Los Angeles with the biggest sports bankruptcy crossover in years (02:58). NBA star Kawhi Leonard faces scrutiny over a $28 million endorsement deal with now bankrupt tree planting company Aspiration Partners (CTN Holdings). What began as a standard corporate restructuring has turned into a potential salary cap circumvention scandal involving the LA Clippers. The NBA has reopened its investigation and a Chapter 7 trustee now controls potential fraudulent transfer claims worth millions.

From there (29:00) the conversation shifts to Spirit Airlines’ second bankruptcy filing in less than a year. Once considered a restructuring success story the discount carrier faces the same operational problems that plagued its first case including grounded aircraft, credit card processor demands, and revenue per passenger declining 9% year over year. Management’s bold Friday filing before Labor Day weekend signals desperation rather than strategy.

Julian Bulaon, Head of Liability Management, joins (48:00) to discuss the rise of disqualified counsel provisions in credit agreements. These sponsor friendly clauses allow borrowers to veto lender counsel selections after deal closing, a concerning evolution in the ongoing battle between creditors and sponsors over liability management exercises.

The culture close begins (57:00) with Netflix’s The Hunting Wives, a suburban Texas drama of lake houses, politics, and scandal.

The episode wraps (01:06:00) with cannabis foreclosures as marijuana companies increasingly turn to Article 9 processes in the absence of bankruptcy protection.

----more----

Hosted by Jason Sanjana and Kevin Eckhardt

Guest: Julian Bulaon

Produced and edited by Tanya Hubbard

Jason Sanjana and Kevin Eckhardt open in Tennessee with Uncle Nearest Premium Whiskey's court-ordered receivership. What began as a celebrated brand story has turned into missing collateral, questionable accounting, and a Martha's Vineyard real estate controversy. Fawn Weaver faces accusations of overstating barrel inventory by $21 million, transferring assets improperly, and violating gag orders through Instagram posts. Patrick Mohan, whiskey correspondent, joins (04:12) to discuss how premium spirits brands navigate financial distress and whether Uncle Nearest can survive its founder's social media strategy.

From there (21:27), the conversation shifts to Stoli's rare full-blown cram down fight against Fifth Third Bank. Once standard bankruptcy practice, dirt-for-debt scenarios have become extinct in modern Chapter 11 cases. Stoli wants to hand over Kentucky Owl bourbon inventory to satisfy secured debt, but the parties remain deadlocked on valuation after five days of confirmation hearings. The hosts debate whether Houston's debtor-friendly reputation can overcome fundamental secured creditor protections.

This episode's unofficial sponsor (34:45), the Brazil-Miami Pipeline, makes its case. The tongue-in-cheek ad skewers cross-border restructuring complexity before Jason and Kevin pivot to Oi's unprecedented Chapter 15 termination request, weighing jurisdictional chaos against practical solutions.

The show closes with Dad Core (36:37), where K-Pop Demon Hunters dominates Netflix streaming charts. The animated film's sincere treatment of Internet fandom culture sparks discussion about girl-dad dynamics and content that bridges generational gaps. The hosts reflect on modern parenting through pop culture that doesn't demonize social media engagement.

Hosted by Jason Sanjana & Kevin Eckhardt

Jason Sanjana and Kevin Eckhardt open in Florida with the bankruptcy of the Miami Seaquarium, owned by Mexico-based The Dolphin Company. What began as a typical debt-fueled acquisition has spiraled into one of the most contentious Chapter 11 cases of the year. Former CEO Eduardo Albor is accused of obstructing the current management, withholding company records, defying court orders, and even engineering an armed standoff at corporate headquarters. The case now includes $10K daily sanctions, $3.3 million in damages claims, and a tug-of-war between U.S. bankruptcy court and Mexican civil proceedings. David Zubkis, Legal Analyst at Octus, joins (03:51) to break down the cross-border legal mess, asset sale hurdles, and the practical challenges of selling live animals under federal law.

From there, the discussion shifts to Las Vegas (24:37) where the focus is on the collapse of its middle-market tourism base. With Canadian and Mexican travelers historically making up roughly 50% of international visits to Vegas, political tensions and rising costs have pushed that traffic into steep decline. Earnings from MGM Resorts and Caesars Entertainment show luxury properties like the Bellagio holding strong while mid-tier hotels struggle, and Station Casinos has pulled a $1.5 billion loan repricing amid soft demand. The hosts ask if the city is undergoing a temporary slump or if the era of affordable Vegas is gone for good.

At (37:23) the episode’s unofficial sponsor takes the stage: Visit Las Vegas, the “tourism board” that insists the Strip is not empty, you are just poor. The tongue-in-cheek ad skewers airfare hikes, inflated room rates, and mortgage-sized table minimums before the conversation turns to The Sphere (38:36), the $2.3 billion, debt-heavy venue owned by Sphere Entertainment Co.. While some call it the best concert experience of their lives, others cite obstructed views, logistical headaches, and ticket prices that rival rent payments.

The episode wraps with The Mailman segment (47:27), a Nextdoor saga where a new homeowner tried to stamp “Return to Sender” on a single addressed piece of junk mail marked for “Current Homeowner” instead of simply throwing it away. Their USPS carrier returned it with handwritten notes pointing out why that is not how mail works. Jason and Kevin side with the postal worker, question the legal citation the homeowner tried to use, and offer a reminder to pick your battles and be nice to the people delivering your mail.

----more----

Hosted by Jason Sanjana & Kevin Eckhardt

This week, Jason Sanjana and Kevin Eckhardt dive into the financial and legal mess behind Brightline, the private high-speed rail system that’s taken on billions in debt while becoming the deadliest passenger train in America. They explore Fortress’s role, Florida’s rail history, and why local governments are now being asked to help foot the bill (00:36).

Then it’s Buy Now Pay Later’s move into credit scoring (16:00), and the frustrating double standard between how consumers and companies are treated when it comes to debt. Why does using Klarna lower your score while corporate defaults are rewarded? And what happens when JPMorgan tries to become Klarna?

Later, they break down the season finale of Stick on Apple TV (27:05), a golf series full of emotional rewiring, collapsed mentorship, and one last slow clap from Owen Wilson. Yes, there are caddie swaps. No, it doesn’t make sense.

The episode closes with a cultural check-in on Coldplay, The Osbournes, and the confusing staying power of Hulk Hogan (37:33). Also: a fake ad for New Jersey Transit (25:15), the only rail system where speed is a vibe, not a commitment.----more----

Hosted by Jason Sanjana and Kevin Eckhardt

This week on The Octus Download, Jason and Kevin start with the bankruptcy of the week Del Monte (01:06) a 138-year-old brand now reduced to DIP fights Honorable Judge Michael B. Kaplan, and a TikTok-fueled wave of canned-fruit nostalgia. They unpack the LME-to-Chapter 11 pipeline and how the case became a referendum on DIP fees, minority lender fights, and the illusion of urgency in modern restructurings. Then Octus Head of Credit Research Mark Fischer joins to break down the latest consumer spending data (15:00) why people are buying one Labubo and nothing else, why couches and pet care are quietly collapsing, and how Amazon Prime Day became a showcase for dish soap over big-ticket goods. It’s a trade-down economy built on vibes and necessity and it’s showing up everywhere from cruise bookings to non-accrual rates in private credit. The episode closes with a look at Jurassic Park’s latest IP bloat (35:58), the emptiness of modern blockbusters, and why legacy franchises are just as tired as the consumers they’re trying to entertain.

----more----

Hosted by Jason Sanjana & Kevin Eckhardt

Guest: Mark Fischer (Head of Credit Research, Octus)

Produced and Edited by  Tanya Hubbard

A Production of The Octus Podcast Network

Jason Sanjana and Kevin Eckhart kick off with the three words haunting every American retirement plan: Social Security shortfall. They unpack the insolvency date, demographic headwinds, trillion-dollar investment fantasies, and why Twitter’s sovereign wealth fund bros need to chill (01:30). Then it’s a check-in on bankruptcy’s greatest hits Purdue, Stoli, Hooters, and Red Lobster and how restructuring isn’t the end, it’s just a second act in crab-stuffed limbo (20:26).

Next: the definitive showdown on fried chicken economics. Wendy’s vs. Chick-fil-A vs. the nostalgic train wreck that is Burger King’s original chicken sandwich (27:45). Why brand loyalty, franchise models, and P/E meddling make your lunch a proxy battle for the U.S. consumer.

Then it's legacy leverage and Lakers math (37:12): would the Buss family have made more money just buying the S&P 500 in 1979? Maybe. But would Jack Nicholson have sat courtside at your Vanguard index fund? Doubt it.

Closing out with Caitlin Clark, Sophia Cunningham, and the WNBA’s surging franchise value [42:00] — plus why we might need a bodyguard segment every week. And yes, there's a fake ad for AG1. You're welcome.

----more----

Hosted by Jason Sanjana & Kevin Eckhardt

Hedge funds are clashing with California regulators over wildfire subrogation claims and the fallout could reshape how distressed assets interact with public recovery funds. Jason and Kevin unpack the PG&E playbook, state-level backlash, and who’s really getting paid (01:30). Then Yale’s $6B endowment unwind takes center stage, as the Ivy League titan quietly tests the secondaries market with Project Gatsby, raising questions about long-term conviction and short-term liquidity (13:20). Kent and Julian return (25:15) to explain why Clear Lake’s sponsor tactics are showing up across multiple LMEs and what the data tells us about repeat offenders, CLO constraints, and creditor fatigue. Closing it out: we head into the world of Stick on Apple TV+ (34:43) part golf drama, part emotional softboy therapy session to explore what the show says about masculinity, generational rewiring, and why Happy Gilmore might’ve done it better. Plus, a little talk about personal happy places, ice lakes in Sweden, and sainthood  (49:00)

----more----

Hosted by Jason Sanjana & Kevin Eckhardt