The Octus Download

Octus Podcast Network
Octus Podcast Network

The Octus Download delivers bold, unfiltered conversations that break down complex financial markets while connecting them to the world we actually live in. Hosted by Jason Sanjana & Kevin Eckhardt, this bi-weekly podcast cuts through the noise with insightful analysis, expert interviews, and just the right amount of personality. Each episode explores major trends in credit markets, dives deep into corporate finance, unpacks financial chaos, and examines how these developments impact both Wall Street and Main Street. But we don’t stop at the numbers we also explore the cultural forces shaping business decisions and the occasional bizarre intersections of finance with everyday life. Whether you’re tracking market movements, curious about investment strategies, or just want smart financial conversation with some pop culture thrown in, The Octus Download delivers market intelligence that’s both valuable and entertaining. Join us every other week as we connect the dots between money, markets, and modern life one episode at a time.

  1. vor 5 Tagen ·  Video

    EP 34 | The First Mailbag, Bankruptcy of the Year & Hate Mail from a Federal Judge

    The mailbag is officially open. Jason Sanjana & Kevin Eckhardt hand the episode over to listeners for the first-ever Octus Download mailbag, starting with Bankruptcy 101: (02:40) Does filing for bankruptcy mean a company is actually going out of business? (04:44) When billions of dollars of debt disappear, who actually loses that money? (07:15) What does “restructuring” really mean? And (10:41) why can’t a bankrupt company just sell everything it owns and pay everyone back? Then things get more personal. At (13:47) Jason and Kevin pick the bankruptcy cases they’ll never forget, (17:47) choose the one case they’d use to explain bankruptcy to someone who knows absolutely nothing about finance, and (24:11) tackle the favorite bankruptcy of the year, wrong answers only. At (27:53) the credit talk stops and Culture Mail opens, with TV takes, Emmy opinions, movie recommendations (35:03) Producer Tanya Mail puts the hosts on the spot about things cut from the show, rabbit holes they still want to go down and the takes they know will start an argument. And then, (37:29) Hate Mail arrives. At (38:07) U.S. Bankruptcy Judge Michael Kaplan joins the fun with a message for Kevin, a concern about his future source material and one very specific job offer. Finally, at (41:36) Jason and Kevin close the first mailbag and invite listeners to send the next round of questions, complaints and bad takes to podcasts@octus.com. ----more----Hosted by Jason Sanjana & Kevin EckhardtProduced and Edited by Tanya HubbardA Production of The Octus Podcast Network (00:06) - Cold open and the mailbag is live (00:44) - Jason reads the compliance read (02:31) - Does bankruptcy mean going out of business (04:11) - Who loses the money when debt gets wiped (07:07) - What restructuring actually moves around (10:47) - Why not just sell everything and pay everyone (13:57) - The case Kevin will never forget (15:55) - The Shreveport riverboat casino buffet (17:53) - One case to teach someone finance (24:14) - Favorite bankruptcy of the year, wrong answers only (27:53) - Culture Mail opens (34:57) - Producer Mail with Tanya Hubbard (37:28) - Hate Mail and a letter from Judge Kaplan (42:33) - Wrap and close

    EP 34 | The First Mailbag, Bankruptcy of the Year & Hate Mail from a Federal Judge

  2. 22. Juli ·  Video

    EP 33 | A Tale of Two Michaels, Kawhi's Frozen Trade & The Big Game Credit Story

    Every retailer in America named Michael is either printing money or closing stores. Jason Sanjana and Kevin Eckhardt start with a tale of two Michaels (04:59). Michael Kors, the brand not the man, has quietly closed 139 stores in three years while sales dropped more than $860 million, caught in the collapsing middle where near luxury goes to die. Then the resurrection. Apollo bought Michaels, the craft chain, for $3.3 billion, watched the bonds trade at 34 cents, then refinanced the whole thing at par (11:33) after Joann and Party City conveniently burned down next door. There is a bankrupt balloon factory in here too. From there (19:15), the bankruptcy boys return to the Kawhi Leonard beat. A $28 million endorsement for a green bank that went bust, a creditor list nobody was supposed to read, a 14 year federal sentence, and a frozen trade to Toronto. There is also a scrapped ad campaign so strange it deserves its own segment (27:43). The show closes with a World Cup edition of Culture Corner (38:39). The final lands at MetLife on Sunday, and the American run was secretly a credit investing story. One text, one very large check, one Griffin (35:52). Producer Tanya road trips through AC refrigerant safety on the way out. ----more----Hosted by Jason Sanjana and Kevin EckhardtProduced and Edited by Tanya HubbardA Production of The Octus Podcast Network

    EP 33 | A Tale of Two Michaels, Kawhi's Frozen Trade & The Big Game Credit Story

  3. 18. Juni ·  Video

    EP 32 | Sleep Number Hits Snooze, A Camp Empire Files & The Devil Debt Collector

    Jason Sanjana & Kevin Eckhardt open on Sleep Number, the smart mattress maker that dialed itself into Chapter 11 (02:07). The stock dropped 70 percent, the equity is underwater, and strategic partner Travis Kelce bought his stake on the open market months before the filing. Kevin floats a theory about who actually buys these beds. The numbers tell a sadder story (04:02), and there is a Canadian buyer nobody saw coming (05:35). From there (16:00), a summer camp empire. Simad Holdings ran 30 camps serving 20,000 kids a year, borrowed 195 million dollars from Israeli bond investors in December, and filed for Chapter 11 days after school let out. Jessica Steinhagen, Senior Director, Legal at Octus, joins (22:26) to explain the Jewish camp scene and answer the question every parent should ask. Whether solvency makes the list (25:02). Then the campers' embroidered trunks raise a genuine law school exam question (27:54). Kevin takes us to Caracas (30:16) for Rodrigo Herrera, the 75 year old debt collector who works in a full devil costume and drives a flame painted 55 Chevy. The unofficial sponsor read lands (35:47) before Culture Corner (38:28) takes on Jon Hamm and 600 million dollars nobody wants to hold on Your Friends and Neighbors. ----more----Hosted by Jason Sanjana & Kevin EckhardtGuest: Jessica Steinhagen (Senior Director, Legal, Octus)Produced and Edited by Tanya HubbardA Production of The Octus Podcast Network

    EP 32 | Sleep Number Hits Snooze, A Camp Empire Files & The Devil Debt Collector

  4. 10. Juni ·  Video

    EP 31 | Michael Gatto on Distressed Debt, Caesars Goes Private & The Tom Clancy Debate

    Michael Gatto, partner at Silver Point Capital and adjunct professor at Columbia Business School and Fordham's Gabelli School of Business, joins at (02:12) to talk teaching, distressed investing, and how he went from a firm running $120 million to a $50 billion shop as its first non founder partner. He makes the case for hiring the gritty Fordham underdog over the Ivy pedigree, and explains why credit has always been a game for strivers. The timing is not subtle. BDCs are gating, First Brands had its disclosure statement denied with the US Trustee moving to convert to Chapter 7, and Jamie Dimon has been muttering about cockroaches. Gatto digs into what a credit analyst should actually learn from First Brands (19:43), what allocators should be asking direct lending managers (30:53), whether there is any fun left now that private credit went from the hottest asset class on the street to a beat down dog, and the O'Shea Center for Credit Analysis he founded at Fordham with Bob O'Shea. The conversation turns to Caesars Entertainment (38:35), the largest casino company in the US with 53 properties across 18 states, and Fertitta Entertainment taking it private in a $17.6 billion all cash deal at a 49 percent premium. Kyle Owusu, Director of Credit Research at Octus, walks through it (39:37), the $11.9 billion of debt Fertitta is inheriting, the $569 million in interest the company pays every quarter, the change of control put bondholders were watching, and the go shop window that is still open. The real story sits in the digital business, which more than doubled EBITDA last year while the Strip slipped about 5 percent, and in the enterprise value math that runs from the 2008 Apollo and TPG buyout through the brutal 2015 bankruptcy to today. Then Culture Corner (55:02) on Jack Ryan: Ghost War, the John Krasinski reboot that hit number one globally on Prime with Wendell Pierce and Michael Kelly back in the fold. The guys get into the TikTok theory that the whole thing was funded by Dubai tourism, the debate over the greatest Tom Clancy movie ever made with The Hunt for Red October as the benchmark, and why one host insists he was only resting his eyes. ----more----Hosted by Jason Sanjana & Kevin EckhardtGuest: Michael Gatto (Partner, Silver Point Capital)Guest: Kyle Owusu (Director of Credit Research, Octus)Produced and Edited by Tanya HubbardA Production of The Octus Podcast Network Link to what we talked about: The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt (Wiley Finance) Links - amzn.to/4vne6Oz  What Can a Credit Analyst Learn from the Rise and Fall of First Brands -  https://bit.ly/3SehLzy  What Questions Should Allocators Ask When Evaluating Direct Lending Managers  - https://bit.ly/4enYRNO   00:00:05 Cold open and the fine print00:02:12 Michael Gatto on teaching and Silver Point00:19:43 What a credit analyst learns from First Brands00:30:53 What allocators should ask direct lending managers00:38:35 Caesars goes private00:39:37 Kyle Owusu on the Fertitta deal00:55:02 Culture Corner and Jack Ryan Ghost War01:03:25 Wrap and close

    EP 31 | Michael Gatto on Distressed Debt, Caesars Goes Private & The Tom Clancy Debate

  5. 19. Mai

    EP 30 | Meme Stock M&A, Del Monte’s Peaches & Supreme Court Fight Club

    Some weeks the news is weird. This week it is weird, litigious, and somehow involves 420,000 uprooted peach trees. Jason Sanjana & Kevin Eckhardt open with Ryan Cohen's unsolicited, non binding offer to acquire eBay for $125 a share in a cash and stock deal (04:16), a bid that valued the target at roughly $56 billion from a company with a $12 billion market cap. Cohen showed up on Squawk Box in a leather jacket (05:33), could not explain the math to Andrew Ross Sorkin, and watched the stock drop 10% in real time. Michael Burry sold his entire position the next day. eBay called the bid "neither credible nor attractive." The hosts disagree on whether Cohen is a visionary or a chaos agent, and the debate is genuinely good. From there (14:30), the conversation moves to Del Monte Foods, a 130 plus year old company that filed Chapter 11 in July 2025 after an aggressive LME bought the company nine months. Asset sales closed in March 2026, with Fresh Del Monte, Pacific Coast Producers, and B&G Foods splitting the business for roughly $499 million combined. Judge Michael Kaplan's ruling on non pro rata DIP roll ups is the legal crux, and Kevin's conflicted feelings about it are some of the best radio on this episode. Also, 420,000 peach trees are being ripped out of California orchards. Producer Tanya called it a crisis, and she is not wrong. The episode closes with the debut of the Clout Audit Tribunal (24:08), Neal Katyal's TED Talk, Harvey AI, and the Supreme Court bar's collective meltdown over a Burning Man photo (31:16), before landing on Your Friends and Neighbors Season 2 (38:42), Jon Hamm, James Marsden's Owen Ashe, a deer shot dead on a beach, and the show's running thesis that rich people behaving badly in expensive houses is one of TV's most reliable pleasures. ----more---- Hosted by Jason Sanjana & Kevin Eckhardt Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (00:00) - Cold open, host intro, and the fine print (02:30) - Kars for Kids and the California restraining order (04:16) - GameStop’s unsolicited bid for eBay (05:33) - Ryan Cohen on Squawk Box and the math problem (11:30) - Is meme stock M&A just modern corporate finance (17:30) - The peach tree crisis, 420,000 trees and $550M in canceled contracts (20:00) - Judge Kaplan’s DIP roll up ruling explained (24:08) - The Clout Audit Tribunal, Neal Katyal’s TED Talk and Harvey AI (33:30) - Jason and Kevin pitch their own TED talks (38:42) - Your Friends and Neighbors Season 2, Owen Ashe, Coop, and a dead deer (48:00) - Wrap and close

  6. 7. Mai

    EP 29 | Spirit's Final Flight, AMC Hangs On & The Parent Trap

    Some companies die because the math was never going to work. Spirit, AMC, and fire truck pricing all make that case differently. Jason Sanjana and Kevin Eckhardt open with an emergency segment on Spirit Airlines (02:31), which ceased all operations on May 2nd after 34 years, 17,000 jobs, and a wind-down that happened overnight. Kevin, who covered the case at Octus, walks through why the Twitter narrative blaming the Biden DOJ is missing about 90% of the actual story. The Trump administration floated a $500 million bailout, but when the DIP lenders said no, it evaporated. The hosts debate whether Spirit was ever going to survive, why the JetBlue merger is a red herring, and what the crowdfunding campaign to "buy Spirit" actually tells you about the internet. Then (19:03), Krishan Sutharshana, senior distressed debt analyst at Octus, joins to walk through AMC. The largest movie theater chain in the world has raised nearly $4 billion in equity since the pandemic and still cannot generate positive free cash flow. Krishan explains the LME, the $3 billion maturity wall, the streaming window compression, and why the box office needs to hit $10 billion before AMC breaks even. From there (36:19), Kevin breaks down how private equity rolled up the fire truck market, with Rev Group sitting on $4.4 billion in unfilled orders while prices have risen 5x and used trucks jumped 62% in a year. The show closes with the debut of The Parent Trap (42:10), a new segment about the things you do for your parents.  Jason spent a long weekend helping his parents move out of the Pittsburgh house they lived in for 40 years. Kevin produced a photo of his father on the field alongside O.J. Simpson and Dan Marino, which raises more questions than it answers. And the show's first ever mystery write-in arrives: an orchid dispute at an assisted living facility from a listener who is definitely not anyone on the production team. The hosts took it extremely seriously and provided the full legal analysis it deserved. ----more---- Hosted by Jason Sanjana & Kevin Eckhardt Guest: Krishan Sutharshana (Senior Distressed Debt Analyst, Octus) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (00:05) - Cold open and host intro (02:31) - Spirit Airlines ceases operations (07:06) - The $500 million bailout that wasn’t (13:07) - JetBlue, Frontier, and the revisionist history (19:03) - AMC and the box office recovery question (20:36) - Krishan Sutharshana on AMC’s capital structure (23:55) - Four billion in equity, still burning cash (26:16) - The 2024 LME and the maturity wall (31:03) - Streaming windows and what kills theaters (42:10) - The Parent Trap: Pittsburgh, OJ, and orchids (51:37) - Wrap and close

  7. 23. Apr.

    EP 28 | BDC Trust Gap, Carl's Jr. Collapse & The Pitt

    Private credit was supposed to be boring. This episode makes the case that boring just got complicated. Jason Sanjana & Kevin Eckhardt open with a cruise recap and the $80 million law firm hire that broke the internet before bringing in Mark Fischer,, Head of Financial Research at Octus (08:17). He breaks down why private credit is facing its first genuine stress test. Not COVID, not rate hikes in isolation, but both cycles hitting at once: floating-rate loans repricing into a distressed environment, dividend coverage cracking, and BDC marks on the same asset sitting 40 points apart depending on who’s holding it. The conversation moves to redemption pressure (22:19), where Blue Owl’s Technology Income Fund absorbed repurchase requests on 40% of outstanding shares and could only honor 5%. Saba Capital has since launched a tender at a 33% discount. Mark stays diplomatic on whether the marks are wrong. The hosts are less diplomatic. From there (31:27), the episode shifts to Friendly Franchisees Corporation, a 65-unit Carl’s Jr. operator in California that just filed for Chapter 11. Owner Harshad Dharod blamed AB 1228, the law that raised the fast food minimum wage to $20. A UC Berkeley study released this month found no net job losses and only minimal menu price increases. Jason and Kevin are unconvinced the law is the villain here. Culture Corner (43:55) covers The Pitt, the HBO Max medical drama that actual ER doctors call the most realistic show they’ve ever seen. The hosts debate whether watching exhausted professionals make life-and-death decisions under institutional pressure hits a little too close to home for two former restructuring lawyers. ----more---- Hosted by Jason Sanjana & Kevin Eckhardt Guest: Mark Fischer (Head of Financial Research, Octus) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (00:36) - Intro and Kirkland’s reported $80M lateral hire (08:04) - Mark Fischer joins: private credit’s first real stress test (13:31) - Dividend coverage, spread compression, and PIK income (19:13) - Software concentration and creative sector categorization (26:06) - Forced selling, portfolio quality, and clearing prices (29:12) - Saba Capital tender and what comes next (33:43) - AB 1228, California minimum wage, and the data (43:56) - Culture Corner: The Pitt Season 2 on HBO Max

  8. 8. Apr.

    EP 27 | Vail's Avalanche, 'We Listen But We Don't Judge' & Love Story's Crash Landing

    Jason Sanjana and Kevin Eckhardt open with the shot heard round the NCAA Tournament (00:01:32)Braylon Mullins' 35 foot buzzer beater that completed a 19 point UConn comeback to stun No. 1 overall seed Duke 73 to 72 in the Elite Eight. Jason confesses to rewatching the postgame press conference on repeat, Kevin sets aside his Syracuse era UConn hatred to celebrate, and the two trade stories about hating Duke, including Kevin's rejection letter despite a recommendation from Coach K himself. From there (00:06:07), the conversation turns to the federal antitrust class action filed in the U.S. District Court for the District of Colorado against Vail Resorts and Alterra Mountain Company. The lawsuit, brought by DiCello Levitt, Berger Montague PC, and Salahi PC, alleges an illegal duopoly in which Epic Pass and Ikon Pass bundling schemes inflate day pass prices, now as high as $356 at Vail, and coerce consumers into buying season passes they don't need. The hosts walk through the Sherman Act Section 1 tying theory (00:08:06), the ESPN/Disney parallel from the Dish Network litigation Kevin is tracking at Octus (00:09:39), and why Vail's defense that Epic Pass reduced season pass prices by 60% when it launched in 2008 doesn't address the day pass problem (00:13:01). Kevin predicts the case settles with vouchers and coupons, but Jason flags the motion to dismiss as the real inflection point (00:18:41). At (00:20:17), the hosts debut We Listen But We Don't Judge, a new segment inspired by the TikTok confessional format, applied to the bankruptcy and restructuring world. Three confessions follow: first, Judge Michael Kaplan appointing himself mediator in the Multi Color Corporation prepackaged Chapter 11 (00:22:18), a move so unprecedented the hosts can't find another example of a sitting judge mediating their own case. Second, White & Case's $14 million fee application as UCC counsel in ModivCare (00:31:19), where the debtors allege a partner threatened to run up $30 million in fees if the UCC didn't receive a $30 million payout, which Kevin and Jason argue is just good lawyering. Third, Burford Capital's $16 billion judgment against Argentina getting invalidated by the Second Circuit (00:34:25), wiping out a concentrated asset that underpinned the litigation funder's entire balance sheet. After a fake WD 40 ad break (00:39:00), the show closes with a review of Ryan Murphy's FX series Love Story: John F. Kennedy Jr. & Carolyn Bessette (00:40:43). Despite record viewership and a 90s aesthetic that made Kevin want to smoke again, both hosts agree the nine episode series couldn't sustain itself on two characters who weren't written with enough depth to carry the story. Jason's biggest gripe: the show ignored the broader political and cultural context of late 90s America. Kevin's: the plane crash scene played like a parody. They agree the most interesting character, Jackie Kennedy played by Naomi Watts, got only three scenes. UPDATE: Following the release of this episode, Burford Capital reached out to correct three inaccuracies from the discussion. On cash flow. Kevin said Burford had cash flow issues in the past year. That isn't accurate. Burford has never had cash flow issues. The company invests its own capital and held $740 million in cash and marketable securities as of March 31, 2026. On the 40% figure. Jason said roughly 40% of Burford assets were booked to the YPF litigation. That figure applies to fair value, not deployed cost exposure. On the $300 million. Kevin said Burford loaned approximately $300 million in fees against any recovery. Burford has never reported that figure. The company generated $236 million in cash proceeds from the YPF case, deploying approximately $130 million of its own capital, which resulted in more than $100 million in profit. We regret the errors and thank Burford for the clarification. ----more---- Hosted by Jason Sanjana & Kevin Eckhardt Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (01:32) - Braylon Mullins’ buzzer beater and why everyone hates Duke (04:35) - Kevin’s Coach K recommendation letter and the only rejection (06:07) - The Vail Resorts and Alterra Mountain Company antitrust lawsuit (08:06) - Sherman Act Section 1 tying theory and $356 day passes (09:39) - The ESPN/Disney parallel and Ticketmaster of skiing analogy (13:01) - Vail’s defense: Epic Pass reduced season pass prices by 60% (15:29) - Filing in Colorado, plaintiff firms, and the death of ski culture (20:17) - NEW SEGMENT: We Listen But We Don’t Judge (22:18) - Confession 1: Judge Kaplan appoints himself mediator in Multi Color Corp. (39:00) - Unofficial sponsor: WD 40, it’s not a solution but it makes the problem quiete (44:18) - The plane crash scene and why it doesn’t work (49:07) - Download the Octus Mobile App now!

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The Octus Download delivers bold, unfiltered conversations that break down complex financial markets while connecting them to the world we actually live in. Hosted by Jason Sanjana & Kevin Eckhardt, this bi-weekly podcast cuts through the noise with insightful analysis, expert interviews, and just the right amount of personality. Each episode explores major trends in credit markets, dives deep into corporate finance, unpacks financial chaos, and examines how these developments impact both Wall Street and Main Street. But we don’t stop at the numbers we also explore the cultural forces shaping business decisions and the occasional bizarre intersections of finance with everyday life. Whether you’re tracking market movements, curious about investment strategies, or just want smart financial conversation with some pop culture thrown in, The Octus Download delivers market intelligence that’s both valuable and entertaining. Join us every other week as we connect the dots between money, markets, and modern life one episode at a time.

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  • Kanal
    Octus Podcast Network
  • Erstellt von
    Octus
  • Jahre aktiv
    2025 - 2026
  • Folgen
    34
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    © Copyright 2026 All rights reserved.
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