Host Constance Draft examines the spectacular collapse of First Brands Group, a $5 billion auto-parts company now drowning in $12 billion of debt, as creditors pivot from rescue efforts to pursuing fraud claims against company insiders. The episode covers the federal charges filed against founder Patrick James and his brother Edward, guilty pleas from cooperating executives, mass layoffs affecting over 3,500 workers, and the grim math showing lenders may recover less than 2% of what they're owed as this procedural unraveling plays out in bankruptcy courts.

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