Missing Billions and a Secretive CEO: The First Brands Bankruptcy

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  First Brands is an automotive company you've probably never heard of,

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  but you've almost certainly relied on some of the things it makes.

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  And many of them are products that are probably in vehicles that you've ridden in.

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  So there's the Fram filters, there's Trico windshield wipers,

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  there's spark plugs, all sorts of stuff like this.

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  That's our colleague Alexander Gladstone.

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  He says at First Brands,

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  this once obscure company has been getting a lot of attention lately because late last month,

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  First Brands filed for bankruptcy.

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  American auto parts maker First Brands filing for Chapter 11 bankruptcy protection.

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  And his forensic accountants pieced through the tangled wreckage.

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  They discovered that the company contained a lot of surprises.

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  So when they filed, it was kind of like, whoa, this is a hot mess, to be honest with you.

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  They have found over 11 billion, almost 12 billion dollars of debt.

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  And so, you know, there's a lot of people who could potentially lose a lot of money.

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  What stands out about this bankruptcy is its scale,

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  the extensive allegations of fraud or inappropriate activity,

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  and the enormous amount of money that the company owes to people.

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  People are definitely worried.

• 01:26

  I think a lot of folks are worried about it.

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