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Wildfires, Yale’s $6B Exit & the Emotional Therapy of Stick

California wildfire recovery
Distressed credit
Liquidity management
LMEs
Private equity secondaries
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In this episode of The Octus Download, hosts Jason Sanjana and Kevin Eckhardt dissect the major headlines in distressed markets—from subrogation skirmishes in California to secondary sales in New Haven.

Hedge Funds vs. California: Who Gets Paid in a Crisis?

The first segment kicks off with a fiery standoff—literally. Hedge funds are clashing with California regulators over billions in wildfire subrogation claims tied to PG&E and other utilities. Jason and Kevin revisit the PG&E playbook and explore why public officials are pushing back harder this time around.
[Listen from 01:30]

Yale’s $6B Private Equity Retreat: Project Gatsby

Next up, the Ivy League goes quiet. Yale’s legendary endowment—often the North Star of institutional investing—is reportedly unloading $6 billion worth of private equity stakes under the code name “Project Gatsby.” Why now? Liquidity pressures? Shifting conviction? Or just savvy secondaries strategy?
[Listen from 13:20]

LME Fatigue: Clear Lake, Repeat Offenders, and Creditor Math

Kent Collier and Julian Bulaon return for a sharp breakdown on the leveraged market ecosystem (LME), zeroing in on Clear Lake’s aggressive sponsor tactics. Are we seeing the same moves across deals—and the same investors trapped in rinse-repeat scenarios?
This segment unpacks CLO constraint data, identifies repeat offender sponsors, and debates whether we’ve reached the limits of creditor patience.
[Listen from 25:15]

Apple TV’s Stick: Masculinity, Therapy, and the Golf of It All

Finally, it’s time to unwind—kind of. Jason and Kevin tackle Stick, the new Apple TV+ series that’s equal parts golf drama and millennial therapy hour. It’s moody, it’s muscly, and it’s not quite Happy Gilmore.

Through the lens of culture, they explore what the show gets right—and wrong—about masculinity, emotional rewiring, and quiet ambition.

Also on deck: personal happy places, icy lakes in Sweden, and sainthood.
[Listen from 34:43 and 49:00]

About the Show

The Octus Download is where credit markets meet culture. Hosted by Jason Sanjana and Kevin Eckhardt, each episode dives into financial disruption, legal drama, market psychology—and yes, pop culture too.

Produced and Edited by: Tanya Hubbard

Guests: Kent Collier & Julian Bulaon

A Production of The Octus Podcast Network

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