EP 22 | Judge Michael B. Kaplan, Vegas Squeeze & the First Brands Conspiracy

In this season finale of The Octus Download, hosts Jason Sanjana and Kevin Eckhardt are joined by the Honorable Michael B. Kaplan, U.S. Bankruptcy Judge for the District of New Jersey, for a candid look at how bankruptcy actually works from inside the courtroom. After settling the long-running debate over whether Central Jersey exists (00:03:54), Judge Kaplan explains how judges evaluate feasibility in modern Chapter 11 cases (00:05:03), addresses criticism around “Chapter 22” filings like Rite Aid (00:09:44), and discusses why courts are often reluctant to reject aggressive DIP financing outright (00:26:33). He also weighs in on bankruptcy venue, breaking down how companies choose where to file, why multiple jurisdictions are often legally valid, and why judges hesitate to second-guess venue decisions that comply with the statute (00:15:20), before sharing his frustrations with form-driven legal practice and public criticism of the judiciary (00:25:40, 00:37:41).

The episode then shifts to Update Corner with a look at the growing squeeze in Las Vegas tourism, where luxury spending persists but falling visitor volumes and job losses point to deeper structural strain (00:42:25). From there, Jason and Kevin enter Conspiracy Corner to unpack the baffling price action in First Brands’ DIP financing, exploring why a supposedly senior, protected investment is trading at distressed levels and what that might signal about control, funding, or market dynamics (00:48:07, 00:54:55).

The season closes with a spoiler-filled breakdown of Landman’s bankruptcy subplot, including a captive insurance tax scheme and why bankruptcy makes for better television than simpler financial solutions (01:01:42), followed by a thank you to the team and a special nod to Producer Tanya for making the show happen all season (01:08:01)

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Hosted by Jason Sanjana & Kevin Eckhardt
Guest: Judge Michael B. Kaplan (U.S. Bankruptcy Court for the District of New Jersey)
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network

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