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.

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Hosted by Jason Sanjana and Kevin Eckhardt
Guests: Simran Bal
Produced and edited by Tanya Hubbard