The Octus Download

• EP 17 | First Brands Collapses, Argentina’s $20B Lifeline, and Why Failure Wins

  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 Guest: Skyler Chen (Senior Reporter, Octus) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network

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• EP 16 | Tricolor Collapse, QVC’s TikTok Gamble & Kawhi Fallout

  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 Guests: Simran Bal Produced and edited by Tanya Hubbard

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• EP 15 | Kawhi Leonard in Bankruptcy Court, Spirit on the Brink, and Disqualified Counsel Provisions

  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

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• EP 14 | Uncle Nearest Fallout, Stoli Valuations, K-Pop Demons and Dad Core

  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 Guest: Patrick Mohan (Whiskey Correspondent) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network

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• EP 13 | Dolphins in Court, Vegas on the Edge, and the Mailman

  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 Guest: David Zubkis (Legal Analyst, Octus) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network

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